Sphere Entertainment (NYSE:SPHR) Trading Down 1% – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR)’s stock price dropped 1% on Monday . The company traded as low as $32.50 and last traded at $32.89. Approximately 100,768 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 767,508 shares. The stock had previously closed at $33.23.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Macquarie cut their price target 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. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Finally, JPMorgan Chase & Co. dropped 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 note on Tuesday, March 4th. One equities research 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 company presently has a consensus rating of “Hold” and a consensus price target of $46.75.

Sphere Entertainment Stock Down 0.5 %

The stock’s fifty day simple moving average is $40.74 and its two-hundred day simple moving average is $41.41. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -3.15 and a beta of 1.39.

Insider Buying and Selling

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 25.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sphere Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of the company. Sterling Capital Management LLC increased its position in Sphere Entertainment by 826.1% in the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after acquiring an additional 760 shares during the period. Ancora Advisors LLC acquired a new position in shares of Sphere Entertainment during the fourth quarter valued at $40,000. Tower Research Capital LLC TRC raised its stake in shares of Sphere Entertainment by 108.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock valued at $53,000 after purchasing an additional 681 shares in the last quarter. Blue Trust Inc. lifted its holdings in Sphere Entertainment by 149.5% in the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock worth $67,000 after purchasing an additional 912 shares during the period. Finally, Public Employees Retirement System of Ohio bought a new position in Sphere Entertainment in the 4th quarter valued at about $93,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.