Sphere Entertainment (NYSE:SPHR) Trading Down 0.9% - Should You Sell?

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s share price was down 0.9% during trading on Friday . The company traded as low as $31.61 and last traded at $31.92. Approximately 94,930 shares traded hands during trading, a decline of 87% from the average daily volume of 725,228 shares. The stock had previously closed at $32.22.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Benchmark reiterated a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. JPMorgan Chase & Co. reduced their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday, March 4th. Finally, Macquarie dropped their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating for the company in a research note on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, Sphere Entertainment has an average rating of "Hold" and a consensus target price of $46.75.

Sphere Entertainment Trading Up 1.1 %

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The company's 50-day moving average price is $41.56 and its 200-day moving average price is $41.73. The firm has a market capitalization of $1.16 billion, a PE ratio of -3.09 and a beta of 1.39.

Insider Transactions at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business's stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 25.08% of the company's stock.

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Institutional Trading of Sphere Entertainment

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

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.