Sphere Entertainment (NYSE:SPHR) Shares Down 0.5% – Here’s What Happened

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Macquarie dropped their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. The Goldman Sachs Group upgraded Sphere Entertainment to a “strong-buy” rating in a research report on Thursday, March 27th. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, 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 note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Trading Up 0.4 %

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 $1.18 billion, a price-to-earnings ratio of -3.13 and a beta of 1.39. The company has a fifty day moving average of $40.56 and a two-hundred day moving average of $41.34.

Insider Buying and Selling at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business’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 filing with the SEC, which can be accessed through this hyperlink. 25.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in the business. US Bancorp DE raised its position in shares of 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 purchasing an additional 276 shares during the last quarter. Central Pacific Bank Trust Division boosted its stake in shares of Sphere Entertainment by 5.3% during the fourth quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company’s stock valued at $401,000 after acquiring an additional 500 shares during the last quarter. Boyar Asset Management Inc. raised its stake in 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 purchasing an additional 542 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Sphere Entertainment by 108.1% during 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 in the last quarter. Finally, Legal & General Group Plc raised its position in shares of Sphere Entertainment by 2.8% in the fourth quarter. Legal & General Group Plc now owns 26,678 shares of the company’s stock valued at $1,076,000 after buying an additional 720 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.