Sphere Entertainment (NYSE:SPHR) Shares Down 0.5% – Here’s Why

Sphere Entertainment Co. (NYSE:SPHR) traded down 0.5% on Tuesday . The company traded as low as $31.85 and last traded at $32.57. 139,727 shares were traded during trading, a decline of 83% from the average session volume of 800,768 shares. The stock had previously closed at $32.72.

Analyst Upgrades and Downgrades

SPHR has been the subject of a number of recent research reports. The Goldman Sachs Group upgraded Sphere Entertainment to a “strong-buy” rating in a research report on Thursday, March 27th. 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 report on Tuesday, March 4th. Macquarie cut their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Finally, Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $46.75.

Sphere Entertainment Stock Up 1.7 %

The firm has a market cap of $1.20 billion, a PE ratio of -3.19 and a beta of 1.39. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The company’s 50-day simple moving average is $40.23 and its two-hundred day simple moving average is $41.22.

Insider Transactions at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s stock in a transaction on 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 Securities & Exchange Commission, which is available at this hyperlink. 25.08% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC increased its position in shares of Sphere Entertainment by 826.1% during the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after buying an additional 760 shares during the period. Ancora Advisors LLC bought a new stake in Sphere Entertainment during the 4th quarter valued at approximately $40,000. Tower Research Capital LLC TRC grew its holdings in shares of Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock worth $53,000 after acquiring an additional 681 shares during the period. Blue Trust Inc. raised its position in shares of Sphere Entertainment by 149.5% in the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock worth $67,000 after acquiring an additional 912 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Sphere Entertainment in the 4th quarter valued at approximately $93,000. 92.03% of the stock is currently owned by 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.