Sphere Entertainment (NYSE:SPHR) Trading Down 0.5% - Here's What Happened

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) shares fell 0.5% during mid-day trading on Tuesday . The company traded as low as $31.85 and last traded at $32.57. Approximately 139,727 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 800,768 shares. The stock had previously closed at $32.72.

Analyst Ratings Changes

Several analysts have recently weighed in on SPHR shares. Benchmark reissued a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Macquarie decreased their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 11th. JPMorgan Chase & Co. dropped their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group raised Sphere Entertainment to a "strong-buy" rating in a research note on Thursday, March 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Sphere Entertainment currently has a consensus rating of "Hold" and an average price target of $46.75.

Sphere Entertainment Stock Performance

The stock's 50 day moving average is $39.95 and its two-hundred day moving average is $41.14. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The stock has a market cap of $959.97 million, a price-to-earnings ratio of -2.55 and a beta of 1.39.

Remove Ads

Insiders Place Their Bets

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 25.08% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Sterling Capital Management LLC increased its holdings in Sphere Entertainment by 826.1% during the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock valued at $34,000 after acquiring an additional 760 shares in the last quarter. Ancora Advisors LLC purchased a new stake in Sphere Entertainment in the 4th quarter worth approximately $40,000. Tower Research Capital LLC TRC lifted its holdings in shares of Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock worth $53,000 after acquiring an additional 681 shares during the period. Blue Trust Inc. increased its position in Sphere Entertainment by 149.5% during the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company's stock worth $67,000 after purchasing an additional 912 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Sphere Entertainment in the 4th quarter worth $93,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

About Sphere Entertainment

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.