Sphere Entertainment (NYSE:SPHR) Stock Price Down 7.5% on Analyst Downgrade

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s stock price traded down 7.5% during trading on Friday after Morgan Stanley lowered their price target on the stock from $45.00 to $32.00. Morgan Stanley currently has an equal weight rating on the stock. Sphere Entertainment traded as low as $26.74 and last traded at $26.42. 122,226 shares changed hands during trading, a decline of 86% from the average session volume of 855,334 shares. The stock had previously closed at $28.57.

Several other research firms also recently issued reports on SPHR. Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. The Goldman Sachs Group raised shares of Sphere Entertainment to a "strong-buy" rating in a report on Thursday, March 27th. Macquarie cut their price objective on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating for the company in a research report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. lowered their target price on Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Sphere Entertainment presently has an average rating of "Moderate Buy" and a consensus target price of $45.25.

Insider Buying and Selling at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business's stock in a transaction that occurred 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 25.08% of the stock is owned by company insiders.

Institutional Trading of Sphere Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in SPHR. Vanguard Group Inc. increased its stake in Sphere Entertainment by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company's stock worth $112,689,000 after acquiring an additional 29,402 shares during the last quarter. OFI Invest Asset Management purchased a new position in Sphere Entertainment in the fourth quarter valued at approximately $306,000. Entropy Technologies LP lifted its position in Sphere Entertainment by 108.6% during the fourth quarter. Entropy Technologies LP now owns 13,816 shares of the company's stock valued at $557,000 after buying an additional 7,194 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Sphere Entertainment in the fourth quarter worth $2,656,000. Finally, Norges Bank purchased a new position in shares of Sphere Entertainment in the 4th quarter valued at $14,432,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Price Performance

The company's fifty day moving average is $36.31 and its two-hundred day moving average is $40.16. 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 firm has a market cap of $896.61 million, a price-to-earnings ratio of -2.39 and a beta of 1.48.

Sphere Entertainment Company Profile

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.