Sphere Entertainment (NYSE:SPHR) Trading Down 0.9% – Should You Sell?

Sphere Entertainment Co. (NYSE:SPHR)’s stock price was down 0.9% during trading on Friday . The stock traded as low as $31.61 and last traded at $31.92. Approximately 94,930 shares were traded during trading, a decline of 87% from the average daily volume of 725,228 shares. The stock had previously closed at $32.22.

Analysts Set New Price Targets

Several equities research analysts recently commented on SPHR shares. JPMorgan Chase & Co. dropped their target price on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, Macquarie dropped their target price on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Sphere Entertainment presently has a consensus rating of “Hold” and a consensus price target of $46.75.

Sphere Entertainment Stock Performance

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 stock has a market capitalization of $1.15 billion, a PE ratio of -3.05 and a beta of 1.39. The firm’s 50-day simple moving average is $41.56 and its two-hundred day simple moving average is $41.74.

Insiders Place Their Bets

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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 25.08% of the company’s stock.

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. bought a new stake in Sphere Entertainment in the third quarter worth $788,000. Victory Capital Management Inc. boosted its holdings in Sphere Entertainment by 1.2% in the third quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock worth $991,000 after purchasing an additional 271 shares in the last quarter. Quest Partners LLC boosted its holdings in Sphere Entertainment by 98,992.3% in the third quarter. Quest Partners LLC now owns 12,882 shares of the company’s stock worth $569,000 after purchasing an additional 12,869 shares in the last quarter. Intech Investment Management LLC bought a new stake in Sphere Entertainment in the third quarter worth $320,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Sphere Entertainment by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company’s stock worth $14,218,000 after purchasing an additional 5,575 shares in the last quarter. 92.03% of the stock is currently 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.