Sphere Entertainment (NYSE:SPHR) Trading Down 0.4% – Here’s What Happened

Sphere Entertainment Co. (NYSE:SPHR)’s share price was down 0.4% during mid-day trading on Thursday . The stock traded as low as $36.49 and last traded at $37.84. Approximately 121,058 shares changed hands during trading, a decline of 83% from the average daily volume of 715,091 shares. The stock had previously closed at $38.01.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SPHR shares. Morgan Stanley reduced their target price on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. Macquarie cut their price target on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. JPMorgan Chase & Co. decreased their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Guggenheim cut their target price on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $47.38.

Sphere Entertainment Trading Down 1.1 %

The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The business’s fifty day moving average is $43.51 and its two-hundred day moving average is $43.02. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of -3.59 and a beta of 1.39.

Hedge Funds Weigh In On Sphere Entertainment

Several large investors have recently made changes to their positions in the company. US Bancorp DE raised its holdings in Sphere Entertainment by 124.1% during the 3rd quarter. US Bancorp DE now owns 7,235 shares of the company’s stock worth $320,000 after purchasing an additional 4,006 shares during the last quarter. Radnor Capital Management LLC raised its stake in shares of Sphere Entertainment by 3.6% during the third quarter. Radnor Capital Management LLC now owns 23,670 shares of the company’s stock worth $1,046,000 after buying an additional 825 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in Sphere Entertainment in the third quarter valued at approximately $216,000. Principal Financial Group Inc. bought a new position in Sphere Entertainment in the third quarter valued at approximately $788,000. Finally, Washington Trust Advisors Inc. grew its holdings in Sphere Entertainment by 1.1% during the 3rd quarter. Washington Trust Advisors Inc. now owns 198,774 shares of the company’s stock worth $8,782,000 after acquiring an additional 2,102 shares during the period. Institutional investors and hedge funds 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.