Sphere Entertainment (NYSE:SPHR) Trading Down 0.8% – Here’s What Happened

Shares of Sphere Entertainment Co. (NYSE:SPHR) fell 0.8% on Friday . The company traded as low as $33.62 and last traded at $33.51. 290,543 shares were traded during trading, a decline of 60% from the average session volume of 728,968 shares. The stock had previously closed at $33.78.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Macquarie reduced their price objective on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. decreased their price target 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Sphere Entertainment presently has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Price Performance

The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $1.18 billion, a PE ratio of -3.14 and a beta of 1.39. The business has a 50-day moving average of $40.90 and a 200 day moving average of $41.47.

Insiders Place Their Bets

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 25.08% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its holdings in Sphere Entertainment by 1.2% during the third quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock valued at $991,000 after purchasing an additional 271 shares during the period. Intech Investment Management LLC purchased a new stake in Sphere Entertainment in the 3rd quarter worth about $320,000. Charles Schwab Investment Management Inc. raised its stake in Sphere Entertainment by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company’s stock valued at $14,218,000 after acquiring an additional 5,575 shares during the period. Algert Global LLC lifted its holdings in Sphere Entertainment by 36.2% during the third quarter. Algert Global LLC now owns 17,737 shares of the company’s stock valued at $754,000 after purchasing an additional 4,710 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Sphere Entertainment during the third quarter worth about $561,000. 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.