Macquarie Cuts Sphere Entertainment (NYSE:SPHR) Price Target to $40.00

Sphere Entertainment (NYSE:SPHR) had its target price lowered by Macquarie from $45.00 to $40.00 in a report issued on Tuesday,Benzinga reports. Macquarie currently has a neutral rating on the stock.

Other equities research analysts also recently issued research reports about the company. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. JPMorgan Chase & Co. cut 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. Guggenheim cut their price objective 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, Morgan Stanley cut their price objective on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Stock Performance

Shares of NYSE SPHR opened at $30.87 on Tuesday. The stock has a fifty day moving average price of $42.75 and a two-hundred day moving average price of $42.41. 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 firm has a market cap of $1.11 billion, a P/E ratio of -2.94 and a beta of 1.39. Sphere Entertainment has a 1 year low of $30.62 and a 1 year high of $50.88.

Insider Transactions at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The sale was disclosed in a document filed with the SEC, which is available through this link. 25.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jefferies Financial Group Inc. acquired a new position in shares of Sphere Entertainment in the 4th quarter worth approximately $202,000. Putney Financial Group LLC acquired a new position in Sphere Entertainment in the 4th quarter worth $257,000. Public Employees Retirement System of Ohio acquired a new position in Sphere Entertainment in the 4th quarter worth $93,000. Poehling Capital Management INC. boosted its stake in Sphere Entertainment by 104.1% in the 4th quarter. Poehling Capital Management INC. now owns 35,839 shares of the company’s stock worth $1,445,000 after purchasing an additional 18,280 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Sphere Entertainment by 14.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,330 shares of the company’s stock worth $1,868,000 after buying an additional 5,849 shares during the last quarter. 92.03% of the stock is currently owned by 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.