Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) was down 8.4% on Friday . The company traded as low as $25.44 and last traded at $26.41. Approximately 482,104 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 774,197 shares. The stock had previously closed at $28.84.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the stock. Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Macquarie decreased their price target 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. The Goldman Sachs Group raised Sphere Entertainment to a "strong-buy" rating in a report on Thursday, March 27th. Finally, JPMorgan Chase & Co. decreased 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 analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Sphere Entertainment currently has an average rating of "Hold" and an average price target of $46.75.
Get Our Latest Report on SPHR
Sphere Entertainment Stock Down 4.4 %
The business has a fifty day moving average price of $39.25 and a two-hundred day moving average price of $40.93. The firm has a market cap of $929.94 million, a PE ratio of -2.47 and a beta of 1.48. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.
Insider Activity
In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 25.08% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of SPHR. Ariel Investments LLC raised its holdings in shares of Sphere Entertainment by 7.4% during the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company's stock valued at $231,606,000 after purchasing an additional 394,050 shares in the last quarter. Vanguard Group Inc. raised its holdings in Sphere Entertainment by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company's stock valued at $112,689,000 after buying an additional 29,402 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Sphere Entertainment by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company's stock valued at $59,084,000 after buying an additional 9,837 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Sphere Entertainment by 2.7% in the third quarter. Geode Capital Management LLC now owns 938,463 shares of the company's stock worth $39,921,000 after buying an additional 24,772 shares during the last quarter. Finally, Steadfast Capital Management LP boosted its stake in shares of Sphere Entertainment by 183.8% during the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock worth $37,340,000 after acquiring an additional 599,800 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.
About Sphere Entertainment
(
Get Free Report)
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.
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