Morgan Stanley Lowers Sphere Entertainment (NYSE:SPHR) Price Target to $32.00

Sphere Entertainment (NYSE:SPHR) had its price objective dropped by Morgan Stanley from $45.00 to $32.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 18.02% from the company’s previous close.

Other equities research analysts also recently issued 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 reaffirmed a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. The Goldman Sachs Group raised Sphere Entertainment to a “strong-buy” rating in a report on Thursday, March 27th. Finally, Macquarie cut their price target on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.25.

Sphere Entertainment Stock Performance

NYSE SPHR opened at $27.12 on Thursday. The firm has a market capitalization of $970.53 million, a P/E ratio of -2.58 and a beta of 1.48. 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’s fifty day moving average price is $37.15 and its two-hundred day moving average price is $40.39. Sphere Entertainment has a 1 year low of $24.77 and a 1 year high of $50.88.

Insiders Place Their Bets

In other Sphere Entertainment 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 transaction of $1,872,013.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 25.08% of the company’s stock.

Institutional Trading of Sphere Entertainment

Several large investors have recently modified their holdings of the stock. Sterling Capital Management LLC lifted its position in Sphere Entertainment by 826.1% during the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock worth $34,000 after purchasing an additional 760 shares during the period. Ancora Advisors LLC acquired a new position in shares of Sphere Entertainment in the 4th quarter valued at approximately $40,000. Tower Research Capital LLC TRC lifted 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. boosted its position in shares of Sphere Entertainment by 149.5% during 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 bought a new position in Sphere Entertainment in the fourth quarter valued at approximately $93,000. 92.03% of the stock is 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.