Sphere Entertainment (NYSE:SPHR) Trading Down 7.5% After Analyst Downgrade

Sphere Entertainment Co. (NYSE:SPHR)’s share price was down 7.5% on Friday after Morgan Stanley lowered their price target on the stock from $45.00 to $32.00. Morgan Stanley currently has an equal weight rating on the stock. Sphere Entertainment traded as low as $26.74 and last traded at $26.42. Approximately 122,226 shares traded hands during trading, a decline of 86% from the average daily volume of 855,334 shares. The stock had previously closed at $28.57.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. cut their target price 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. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Macquarie lowered their target price 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, The Goldman Sachs Group upgraded Sphere Entertainment to a “strong-buy” rating in a report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $45.25.

Insider Activity

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 25.08% of the company’s stock.

Institutional Inflows and Outflows

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

Sphere Entertainment Trading Down 6.6 %

The company’s 50-day moving average is $37.52 and its 200 day moving average is $40.50. 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 firm has a market cap of $954.64 million, a PE ratio of -2.54 and a beta of 1.48.

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.