Sphere Entertainment (NYSE:SPHR) Trading Down 0.5% – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR)’s share price was down 0.5% during trading on Tuesday . The stock traded as low as $31.85 and last traded at $32.57. Approximately 139,727 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 800,768 shares. The stock had previously closed at $32.72.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Macquarie dropped 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. 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 research note on Tuesday, March 4th. The Goldman Sachs Group upgraded Sphere Entertainment to a “strong-buy” rating in a report on Thursday, March 27th. Finally, Benchmark restated 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 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, Sphere Entertainment presently has a consensus rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Stock Up 0.4 %

The firm has a market capitalization of $1.18 billion, a PE ratio of -3.13 and a beta of 1.39. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The firm’s 50 day moving average price is $40.56 and its two-hundred day moving average price is $41.34.

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 transaction of $1,872,013.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 25.08% of the company’s stock.

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors have recently modified their holdings of the company. Steadfast Capital Management LP raised its holdings in Sphere Entertainment by 183.8% during the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock worth $37,340,000 after purchasing an additional 599,800 shares in the last quarter. Ariel Investments LLC boosted its position in shares of Sphere Entertainment by 7.4% in the fourth quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock worth $231,606,000 after buying an additional 394,050 shares during the period. Norges Bank acquired a new position in shares of Sphere Entertainment in the 4th quarter valued at about $14,432,000. Wealthfront Advisers LLC acquired a new position in Sphere Entertainment in the 4th quarter valued at approximately $11,286,000. Finally, Alliancebernstein L.P. increased its stake in shares of Sphere Entertainment by 929.8% in the fourth quarter. Alliancebernstein L.P. now owns 285,885 shares of the company’s stock worth $11,527,000 after acquiring an additional 258,123 shares during the last quarter. Institutional investors 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.