Sphere Entertainment (NYSE:SPHR) Stock Price Down 3% – Should You Sell?

Sphere Entertainment Co. (NYSE:SPHR)’s share price dropped 3% during trading on Tuesday . The company traded as low as $31.41 and last traded at $31.69. Approximately 148,734 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 726,782 shares. The stock had previously closed at $32.68.

Analyst Ratings Changes

SPHR has been the subject of a number of recent research reports. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Macquarie decreased their price objective 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, JPMorgan Chase & Co. decreased their price objective on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Sphere Entertainment currently has an average rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Trading Up 1.9 %

The stock has a market cap of $1.16 billion, a PE ratio of -3.08 and a beta of 1.39. The firm has a 50-day simple moving average of $41.94 and a 200-day simple moving average of $41.93. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23.

Insider Buying and Selling

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 25.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sphere Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. bought a new position in shares of Sphere Entertainment during the third quarter valued at about $788,000. Victory Capital Management Inc. grew its stake in shares of Sphere Entertainment by 1.2% during the third quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock valued at $991,000 after buying an additional 271 shares during the last quarter. Quest Partners LLC grew its stake in shares of Sphere Entertainment by 98,992.3% during the third quarter. Quest Partners LLC now owns 12,882 shares of the company’s stock valued at $569,000 after buying an additional 12,869 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Sphere Entertainment during the third quarter valued at about $320,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Sphere Entertainment by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company’s stock valued at $14,218,000 after buying an additional 5,575 shares during the last quarter. Hedge funds and other 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.