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 company traded as low as $31.85 and last traded at $32.57. Approximately 139,727 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 800,768 shares. The stock had previously closed at $32.72.

Analyst Ratings Changes

Several brokerages recently issued reports on SPHR. Macquarie decreased their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. The Goldman Sachs Group raised shares of Sphere Entertainment to a “strong-buy” rating in a research note 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. reduced their price objective on 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 analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus 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 company has a market capitalization of $1.20 billion, a P/E ratio of -3.19 and a beta of 1.39. The firm has a fifty day moving average of $40.23 and a 200 day moving average of $41.22.

Insider Activity

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $33.80, for a total value 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 corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Ariel Investments LLC increased its position in shares of Sphere Entertainment by 7.4% during the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock valued at $231,606,000 after purchasing an additional 394,050 shares during the last quarter. Vanguard Group Inc. grew its position in Sphere Entertainment by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company’s stock valued at $112,689,000 after buying an additional 29,402 shares during the period. Dimensional Fund Advisors LP increased its holdings in Sphere Entertainment by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company’s stock valued at $59,084,000 after buying an additional 9,837 shares during the last quarter. Geode Capital Management LLC raised its position in Sphere Entertainment by 2.7% in the third quarter. Geode Capital Management LLC now owns 938,463 shares of the company’s stock worth $39,921,000 after acquiring an additional 24,772 shares during the period. Finally, Steadfast Capital Management LP boosted its stake in shares of Sphere Entertainment by 183.8% during the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock worth $37,340,000 after acquiring an additional 599,800 shares during 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.