Sphere Entertainment (NYSE:SPHR) Stock Price Down 0.9% – Here’s What Happened

Sphere Entertainment Co. (NYSE:SPHR) fell 0.9% on Friday . The stock traded as low as $31.61 and last traded at $31.92. 94,930 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 725,228 shares. The stock had previously closed at $32.22.

Analyst Upgrades and Downgrades

A number of analysts have commented on SPHR shares. Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. JPMorgan Chase & Co. decreased their price objective on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, March 4th. Finally, Macquarie reduced their target price on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Sphere Entertainment has a consensus rating of “Hold” and a consensus price target of $46.75.

Sphere Entertainment Price Performance

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 firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -3.04 and a beta of 1.39. The company has a 50-day moving average of $41.76 and a 200-day moving average of $41.86.

Insider Transactions at Sphere Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available through this link. 25.08% of the stock is owned by insiders.

Institutional Investors Weigh In On Sphere Entertainment

Several institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. lifted its position in shares of Sphere Entertainment by 1.2% in the third quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock worth $991,000 after purchasing an additional 271 shares in the last quarter. US Bancorp DE lifted its position in Sphere Entertainment by 3.8% during the 4th quarter. US Bancorp DE now owns 7,511 shares of the company’s stock worth $303,000 after buying an additional 276 shares in the last quarter. Central Pacific Bank Trust Division boosted its stake in shares of Sphere Entertainment by 5.3% during the 4th quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company’s stock worth $401,000 after buying an additional 500 shares during the last quarter. Boyar Asset Management Inc. grew its holdings in shares of Sphere Entertainment by 1.2% in the 4th quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company’s stock valued at $1,793,000 after acquiring an additional 542 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock valued at $53,000 after acquiring an additional 681 shares in 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.