Sphere Entertainment (NYSE:SPHR) Trading Down 7.2% – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR)’s share price fell 7.2% during mid-day trading on Monday . The stock traded as low as $32.30 and last traded at $32.85. 332,946 shares changed hands during trading, a decline of 55% from the average session volume of 737,371 shares. The stock had previously closed at $35.41.

Wall Street Analysts Forecast Growth

SPHR has been the subject of a number of research reports. Guggenheim dropped their target price on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. JPMorgan Chase & Co. decreased their price objective on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. Morgan Stanley decreased their price target on shares of 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. Finally, Macquarie dropped their price objective on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $47.38.

Sphere Entertainment Stock Down 7.0 %

The company has a market cap of $1.16 billion, a P/E ratio of -3.14 and a beta of 1.39. 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 50-day simple moving average of $43.45 and a 200 day simple moving average of $42.81.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. grew its position in shares of Sphere Entertainment by 1.2% during the 3rd quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock worth $991,000 after buying an additional 271 shares in the last quarter. US Bancorp DE raised its stake in Sphere Entertainment by 3.8% in the fourth quarter. US Bancorp DE now owns 7,511 shares of the company’s stock worth $303,000 after buying an additional 276 shares in the last quarter. Covestor Ltd increased its holdings in shares of Sphere Entertainment by 3.5% in the 3rd quarter. Covestor Ltd now owns 9,077 shares of the company’s stock valued at $401,000 after acquiring an additional 305 shares during the period. Central Pacific Bank Trust Division raised its position in shares of Sphere Entertainment by 5.3% in the 4th quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company’s stock worth $401,000 after acquiring an additional 500 shares in the last quarter. Finally, Boyar Asset Management Inc. grew its stake in Sphere Entertainment by 1.2% in the fourth 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. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.