Sphere Entertainment (NYSE:SPHR) Shares Down 4.5% – Should You Sell?

Sphere Entertainment Co. (NYSE:SPHR) shares were down 4.5% during trading on Friday . The stock traded as low as $35.64 and last traded at $35.77. Approximately 135,558 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 716,357 shares. The stock had previously closed at $37.46.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Guggenheim cut their price objective on Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. JPMorgan Chase & Co. dropped their price target on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 4th. Morgan Stanley decreased their price objective on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. Finally, Macquarie dropped their target price on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Sphere Entertainment has a consensus rating of “Hold” and a consensus price target of $47.38.

Sphere Entertainment Price Performance

The firm has a fifty day moving average price of $43.45 and a two-hundred day moving average price of $42.85. 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 stock has a market capitalization of $1.26 billion, a P/E ratio of -3.39 and a beta of 1.39.

Institutional Investors Weigh In On Sphere Entertainment

A number of institutional investors have recently made changes to their positions in SPHR. Victory Capital Management Inc. raised its holdings in Sphere Entertainment by 1.2% in the 3rd quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock worth $991,000 after acquiring an additional 271 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Sphere Entertainment by 3.8% during the fourth quarter. US Bancorp DE now owns 7,511 shares of the company’s stock valued at $303,000 after purchasing an additional 276 shares in the last quarter. Covestor Ltd boosted its position in shares of Sphere Entertainment by 3.5% during the third quarter. Covestor Ltd now owns 9,077 shares of the company’s stock valued at $401,000 after buying an additional 305 shares during the last quarter. Central Pacific Bank Trust Division increased its holdings in Sphere Entertainment by 5.3% in 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 in the last quarter. Finally, Boyar Asset Management Inc. raised its position in Sphere Entertainment by 1.2% in the 4th quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company’s stock worth $1,793,000 after buying an additional 542 shares during the last quarter. Hedge funds and other 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.