Sphere Entertainment (NYSE:SPHR) Stock Price Down 0.9% – Here’s Why

Sphere Entertainment Co. (NYSE:SPHR) was down 0.9% during mid-day trading on Friday . The stock traded as low as $31.61 and last traded at $31.92. Approximately 94,930 shares changed hands during trading, a decline of 87% from the average daily volume of 725,228 shares. The stock had previously closed at $32.22.

Wall Street Analysts Forecast Growth

SPHR has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut 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. Macquarie reduced their price target on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Finally, Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Sphere Entertainment has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Stock Performance

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The company’s fifty day simple moving average is $41.76 and its two-hundred day simple moving average is $41.86. The stock has a market capitalization of $1.14 billion, a P/E ratio of -3.04 and a beta of 1.39.

Insider Activity

In other 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 can be accessed through this hyperlink. 25.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sphere Entertainment

Hedge funds have recently added to or reduced their stakes in the stock. Jefferies Financial Group Inc. acquired a new stake in Sphere Entertainment during the fourth quarter worth about $202,000. Putney Financial Group LLC acquired a new stake in shares of Sphere Entertainment during the 4th quarter valued at $257,000. Public Employees Retirement System of Ohio bought a new stake in shares of Sphere Entertainment during the fourth quarter worth about $93,000. Poehling Capital Management INC. grew its holdings in Sphere Entertainment by 104.1% during the 4th quarter. Poehling Capital Management INC. now owns 35,839 shares of the company’s stock worth $1,445,000 after acquiring an additional 18,280 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Sphere Entertainment by 14.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,330 shares of the company’s stock valued at $1,868,000 after purchasing an additional 5,849 shares during the period. 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.