Sphere Entertainment (NYSE:SPHR) Stock Price Down 3% - Here's What Happened

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) shares fell 3% during trading on Tuesday . The company traded as low as $31.41 and last traded at $31.69. 148,734 shares changed hands during trading, a decline of 80% from the average session volume of 726,782 shares. The stock had previously closed at $32.68.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Macquarie dropped their price objective 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. Benchmark reiterated a "sell" rating on shares of Sphere Entertainment in a report on Monday, March 3rd. 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 research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $46.75.

Sphere Entertainment Trading Down 0.5 %

The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of -3.05 and a beta of 1.39. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average of $41.76 and a two-hundred day moving average of $41.86.

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Insider Activity 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 that occurred 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 25.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sphere Entertainment

Several hedge funds have recently modified their holdings of SPHR. Sterling Capital Management LLC raised its stake in Sphere Entertainment by 826.1% during the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock valued at $34,000 after purchasing an additional 760 shares during the last quarter. Ancora Advisors LLC acquired a new position in shares of Sphere Entertainment during the fourth quarter valued at about $40,000. Tower Research Capital LLC TRC lifted its stake in shares of Sphere Entertainment by 108.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after buying an additional 681 shares during the period. Blue Trust Inc. lifted its stake in shares of Sphere Entertainment by 149.5% in the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company's stock valued at $67,000 after buying an additional 912 shares during the period. Finally, Public Employees Retirement System of Ohio bought a new position in Sphere Entertainment during the fourth quarter valued at about $93,000. 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.