Sphere Entertainment (NYSE:SPHR) Stock Price Down 2.1% After Insider Selling

Sphere Entertainment Co. (NYSE:SPHR) shares traded down 2.1% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $30.84 and last traded at $31.21. 262,461 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 804,877 shares. The stock had previously closed at $31.89.

Specifically, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $33.80, for a total transaction of $1,872,013.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 4th. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, Macquarie dropped their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Sphere Entertainment presently has a consensus rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Trading Down 2.2 %

The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of -2.97 and a beta of 1.39. The company has a 50-day moving average price of $42.96 and a 200-day moving average price of $42.50. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23.

Institutional Trading of Sphere Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ariel Investments LLC raised its position in Sphere Entertainment by 7.4% in the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock valued at $231,606,000 after purchasing an additional 394,050 shares during the last quarter. Vanguard Group Inc. raised its holdings in Sphere Entertainment by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company’s stock worth $112,689,000 after purchasing an additional 29,402 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Sphere Entertainment by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company’s stock valued at $59,084,000 after purchasing an additional 9,837 shares during the period. Geode Capital Management LLC lifted its position in Sphere Entertainment by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 938,463 shares of the company’s stock valued at $39,921,000 after acquiring an additional 24,772 shares in the last quarter. Finally, Steadfast Capital Management LP boosted its position in shares of Sphere Entertainment by 183.8% during the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock worth $37,340,000 after buying an additional 599,800 shares during the period. Institutional investors own 92.03% of the company’s stock.

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.