Sphere Entertainment (NYSE:SPHR) Stock Price Down 0.8% – Should You Sell?

Sphere Entertainment Co. (NYSE:SPHR) shares were down 0.8% during mid-day trading on Friday . The company traded as low as $33.62 and last traded at $33.51. Approximately 290,543 shares changed hands during trading, a decline of 60% from the average daily volume of 728,968 shares. The stock had previously closed at $33.78.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Macquarie reduced their target price on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. JPMorgan Chase & Co. lowered their price objective 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. Finally, Benchmark restated a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Stock Down 1.6 %

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 company has a market cap of $1.19 billion, a P/E ratio of -3.16 and a beta of 1.39. The business’s 50 day moving average is $40.74 and its 200 day moving average is $41.41.

Insider Buying and Selling

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction dated 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 document filed with the SEC, which is available through this link. 25.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sphere Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the business. Steadfast Capital Management LP grew its position in Sphere Entertainment by 183.8% during the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock worth $37,340,000 after purchasing an additional 599,800 shares during the period. Ariel Investments LLC grew its holdings in Sphere Entertainment by 7.4% during the fourth quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock worth $231,606,000 after acquiring an additional 394,050 shares during the period. Norges Bank purchased a new position in Sphere Entertainment during the fourth quarter valued at approximately $14,432,000. Wealthfront Advisers LLC acquired a new position in Sphere Entertainment in the fourth quarter valued at approximately $11,286,000. Finally, Alliancebernstein L.P. boosted its position in Sphere Entertainment by 929.8% in the 4th quarter. Alliancebernstein L.P. now owns 285,885 shares of the company’s stock worth $11,527,000 after purchasing an additional 258,123 shares in the last quarter. 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.