Sphere Entertainment (NYSE:SPHR) Stock Price Down 0.4% – Here’s Why

Shares of Sphere Entertainment Co. (NYSE:SPHR) traded down 0.4% during trading on Thursday . The company traded as low as $36.49 and last traded at $37.84. 121,058 shares were traded during mid-day trading, a decline of 83% from the average session volume of 715,091 shares. The stock had previously closed at $38.01.

Analyst Ratings Changes

Several research firms recently weighed in on SPHR. JPMorgan Chase & Co. reduced their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday. Morgan Stanley reduced their price objective on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. Guggenheim decreased their target price on Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Finally, Macquarie dropped their target price on 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 given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $47.38.

Sphere Entertainment Price Performance

The business has a fifty day moving average of $43.45 and a 200 day moving average of $42.89. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market cap of $1.26 billion, a PE ratio of -3.39 and a beta of 1.39.

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the business. Sterling Capital Management LLC raised its holdings in Sphere Entertainment by 826.1% in the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after acquiring an additional 760 shares in the last quarter. Ancora Advisors LLC acquired a new stake in shares of Sphere Entertainment in the 4th quarter valued at about $40,000. Tower Research Capital LLC TRC lifted its position 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 purchasing an additional 681 shares during the last quarter. Blue Trust Inc. grew its stake in Sphere Entertainment by 149.5% in the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock worth $67,000 after purchasing an additional 912 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Sphere Entertainment in the fourth quarter valued at about $93,000. 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.