Sphere Entertainment (NYSE:SPHR) Shares Down 10.3% – Should You Sell?

Sphere Entertainment Co. (NYSE:SPHR) dropped 10.3% during mid-day trading on Thursday . The stock traded as low as $30.02 and last traded at $30.03. Approximately 291,067 shares traded hands during trading, a decline of 62% from the average daily volume of 770,495 shares. The stock had previously closed at $33.48.

Analyst Ratings Changes

A number of research analysts recently weighed in on SPHR shares. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. The Goldman Sachs Group raised shares of Sphere Entertainment to a “strong-buy” rating in a research report on Thursday, March 27th. Macquarie reduced their price target 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. Finally, JPMorgan Chase & Co. dropped 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 report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Sphere Entertainment has a consensus rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Price Performance

The business’s fifty day simple moving average is $40.23 and its 200 day simple moving average is $41.22. 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 stock has a market cap of $1.03 billion, a price-to-earnings ratio of -2.75 and a beta of 1.39.

Insider Buying and Selling at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction on Monday, March 10th. The shares were 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 the SEC website. 25.08% of the stock is owned by insiders.

Institutional Trading of Sphere Entertainment

Institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC boosted its holdings in shares of Sphere Entertainment by 76.3% in the 3rd quarter. FMR LLC now owns 110,035 shares of the company’s stock valued at $4,680,000 after buying an additional 47,635 shares during the period. Entropy Technologies LP raised its position in shares of Sphere Entertainment by 108.6% during the 4th quarter. Entropy Technologies LP now owns 13,816 shares of the company’s stock worth $557,000 after buying an additional 7,194 shares in the last quarter. OFI Invest Asset Management acquired a new stake in shares of Sphere Entertainment in the 4th quarter worth approximately $306,000. Raymond James Financial Inc. acquired a new position in shares of Sphere Entertainment during the fourth quarter valued at approximately $2,656,000. Finally, SG Americas Securities LLC raised its holdings in Sphere Entertainment by 101.6% during the fourth quarter. SG Americas Securities LLC now owns 11,504 shares of the company’s stock worth $464,000 after purchasing an additional 5,799 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.