Sphere Entertainment (NYSE:SPHR) Shares Down 0.1% – Here’s What Happened

Sphere Entertainment Co. (NYSE:SPHR)’s share price fell 0.1% during mid-day trading on Wednesday . The company traded as low as $32.44 and last traded at $32.93. 68,365 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 767,226 shares. The stock had previously closed at $32.97.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SPHR shares. The Goldman Sachs Group raised shares of Sphere Entertainment to a “strong-buy” rating in a report on Thursday, March 27th. JPMorgan Chase & Co. cut their target price 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. Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Finally, Macquarie cut 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. One research analyst has rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Trading Up 2.3 %

The company has a market capitalization of $1.21 billion, a PE ratio of -3.21 and a beta of 1.39. The company has a fifty day simple moving average of $40.39 and a 200-day simple moving average of $41.28. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

Insider Activity

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment stock in a transaction that occurred on Monday, March 10th. The shares were 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 Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 25.08% of the company’s stock.

Institutional Trading of Sphere Entertainment

Several hedge funds have recently added to or reduced their stakes in SPHR. Sterling Capital Management LLC lifted its position 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 during the last quarter. Ancora Advisors LLC acquired a new stake in shares of Sphere Entertainment in the 4th quarter valued at approximately $40,000. Tower Research Capital LLC TRC boosted its position in shares of Sphere Entertainment by 108.1% during the 4th 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 in the last quarter. Blue Trust Inc. boosted its holdings in Sphere Entertainment by 149.5% during the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock worth $67,000 after buying an additional 912 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Sphere Entertainment in the 4th quarter valued at approximately $93,000. Institutional investors and hedge funds 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.