Sphere Entertainment (NYSE:SPHR) Trading Down 0.8% - Here's Why

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) traded down 0.8% on Friday . The company traded as low as $33.62 and last traded at $33.51. 290,543 shares were traded during mid-day trading, a decline of 60% from the average session volume of 728,968 shares. The stock had previously closed at $33.78.

Analyst Ratings Changes

SPHR has been the topic of several research analyst reports. Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Macquarie dropped their price target on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. decreased their price objective on Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating for the company in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $46.75.

Sphere Entertainment Stock Performance

The company's 50 day simple moving average is $40.74 and its 200 day simple moving average is $41.41. The stock has a market cap of $1.17 billion, a PE ratio of -3.11 and a beta of 1.39. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56.

Insider Buying and Selling at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm's stock in a transaction dated 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 legal filing with the SEC, which is accessible through this hyperlink. Insiders own 25.08% of the company's stock.

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Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SPHR. Intech Investment Management LLC bought a new position in Sphere Entertainment during the 3rd quarter valued at approximately $320,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Sphere Entertainment by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company's stock valued at $14,218,000 after acquiring an additional 5,575 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Sphere Entertainment in the third quarter worth $342,000. FMR LLC increased its position in Sphere Entertainment by 76.3% during the 3rd quarter. FMR LLC now owns 110,035 shares of the company's stock valued at $4,680,000 after purchasing an additional 47,635 shares during the period. Finally, Quantbot Technologies LP raised its holdings in Sphere Entertainment by 582.6% in the 3rd quarter. Quantbot Technologies LP now owns 20,731 shares of the company's stock worth $916,000 after purchasing an additional 17,694 shares in the last quarter. 92.03% of the stock is owned by 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.