Sphere Entertainment (NYSE:SPHR) Trading Down 1% - Time to Sell?

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) was down 1% during mid-day trading on Monday . The stock traded as low as $32.50 and last traded at $32.89. Approximately 100,768 shares traded hands during trading, a decline of 87% from the average daily volume of 767,508 shares. The stock had previously closed at $33.23.

Analyst Upgrades and Downgrades

Several research firms recently commented on SPHR. 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 research report on Tuesday, March 4th. The Goldman Sachs Group raised Sphere Entertainment to a "strong-buy" rating in a report on Thursday, March 27th. Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, Macquarie lowered their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $46.75.

Sphere Entertainment Stock Down 13.9 %

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 stock's fifty day simple moving average is $40.23 and its two-hundred day simple moving average is $41.22. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -2.75 and a beta of 1.39.

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Insider Buying and Selling

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

Hedge Funds Weigh In On Sphere Entertainment

A number of institutional investors have recently bought and sold shares of the stock. Intech Investment Management LLC acquired a new position in shares of Sphere Entertainment in the third quarter worth about $320,000. Charles Schwab Investment Management Inc. lifted its position in shares of Sphere Entertainment by 1.7% in the 3rd 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. FMR LLC boosted its stake in Sphere Entertainment by 76.3% in the 3rd quarter. FMR LLC now owns 110,035 shares of the company's stock worth $4,680,000 after purchasing an additional 47,635 shares during the period. Captrust Financial Advisors purchased a new position in Sphere Entertainment during the 3rd quarter worth approximately $227,000. Finally, Verition Fund Management LLC acquired a new stake in Sphere Entertainment during the 3rd quarter valued at $423,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

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.