Sphere Entertainment (NYSE:SPHR) Shares Down 8.4% – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR)’s share price was down 8.4% on Friday . The stock traded as low as $25.44 and last traded at $26.41. Approximately 482,104 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 774,197 shares. The stock had previously closed at $28.84.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. The Goldman Sachs Group raised Sphere Entertainment to a “strong-buy” rating in a research note on Thursday, March 27th. Macquarie decreased their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. JPMorgan Chase & Co. decreased their price target on 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 reaffirmed a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $46.75.

Sphere Entertainment Stock Down 7.0 %

The stock has a market cap of $959.97 million, a price-to-earnings ratio of -2.55 and a beta of 1.39. The business has a fifty day moving average of $39.63 and a 200 day moving average of $41.03. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.

Insiders Place Their Bets

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 25.08% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SPHR. Jefferies Financial Group Inc. bought a new stake in Sphere Entertainment during the fourth quarter valued at about $202,000. Putney Financial Group LLC acquired a new position in shares of Sphere Entertainment during the 4th quarter worth about $257,000. Public Employees Retirement System of Ohio bought a new stake in Sphere Entertainment during the 4th quarter valued at approximately $93,000. Poehling Capital Management INC. grew its holdings in Sphere Entertainment by 104.1% in the 4th 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 last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Sphere Entertainment by 14.4% in the 4th 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 buying an additional 5,849 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.