Sphere Entertainment (NYSE:SPHR) Trading Down 10.3% - What's Next?

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) shares fell 10.3% on Thursday . The stock traded as low as $30.02 and last traded at $30.03. 291,067 shares changed hands during trading, a decline of 62% from the average session volume of 770,495 shares. The stock had previously closed at $33.48.

Analyst Upgrades and Downgrades

SPHR has been the subject of a number of recent research reports. Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Macquarie decreased their price target on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating for the company in a report on Tuesday, March 11th. JPMorgan Chase & Co. cut their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating for the company in a research report on Tuesday, March 4th. Finally, The Goldman Sachs Group upgraded shares of Sphere Entertainment to a "strong-buy" rating in a research note on Thursday, March 27th. One equities 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $46.75.

Sphere Entertainment Trading Up 1.9 %

The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The stock has a market cap of $974.46 million, a PE ratio of -2.59 and a beta of 1.48. The business's fifty day moving average is $39.63 and its 200 day moving average is $41.04.

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Insider Buying and Selling

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 25.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sphere Entertainment

A number of institutional investors have recently made changes to their positions in SPHR. Ariel Investments LLC raised its position in shares of Sphere Entertainment by 7.4% in the fourth quarter. Ariel Investments LLC now owns 5,744,192 shares of the company's stock valued at $231,606,000 after buying an additional 394,050 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Sphere Entertainment by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company's stock worth $112,689,000 after buying an additional 29,402 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Sphere Entertainment by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company's stock worth $59,084,000 after buying an additional 9,837 shares during the period. Geode Capital Management LLC raised its holdings in shares of Sphere Entertainment by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 938,463 shares of the company's stock worth $39,921,000 after purchasing an additional 24,772 shares during the period. Finally, Steadfast Capital Management LP lifted its position in Sphere Entertainment by 183.8% during the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock valued at $37,340,000 after buying an additional 599,800 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

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.