Sphere Entertainment (NYSE:SPHR) Stock Price Down 3% – Here’s Why

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

Analysts Set New Price Targets

Several brokerages recently weighed in on SPHR. JPMorgan Chase & Co. reduced their price target on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th. Macquarie cut their target price on shares of 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, Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Trading Down 3.6 %

The firm has a market cap of $1.13 billion, a P/E ratio of -3.00 and a beta of 1.39. The stock has a 50 day simple moving average of $42.32 and a 200-day simple moving average of $42.10. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

Insider Activity at Sphere Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business’s stock in a transaction on Monday, March 10th. The shares were 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 insiders.

Institutional Investors Weigh In On Sphere Entertainment

Large investors have recently added to or reduced their stakes in the stock. Jefferies Financial Group Inc. purchased a new stake in shares of Sphere Entertainment in the fourth quarter valued at approximately $202,000. Putney Financial Group LLC bought a new stake in Sphere Entertainment during the 4th quarter valued at $257,000. Public Employees Retirement System of Ohio bought a new position in shares of Sphere Entertainment during the 4th quarter worth $93,000. Poehling Capital Management INC. increased its stake in shares of Sphere Entertainment by 104.1% during the fourth quarter. Poehling Capital Management INC. now owns 35,839 shares of the company’s stock valued at $1,445,000 after buying an additional 18,280 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Sphere Entertainment by 14.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,330 shares of the company’s stock worth $1,868,000 after acquiring an additional 5,849 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

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.