Sphere Entertainment (NYSE:SPHR) Trading Down 1% – Here’s Why

Sphere Entertainment Co. (NYSE:SPHR)’s share price dropped 1% during trading on Monday . The stock traded as low as $32.50 and last traded at $32.89. Approximately 100,768 shares were traded during trading, a decline of 87% from the average daily volume of 767,508 shares. The stock had previously closed at $33.23.

Wall Street Analyst Weigh In

SPHR has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th. The Goldman Sachs Group raised shares of Sphere Entertainment to a “strong-buy” rating in a report on Thursday, March 27th. Macquarie cut their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Finally, Benchmark restated a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Price Performance

The company has a market cap of $1.18 billion, a P/E ratio of -3.13 and a beta of 1.39. The company’s 50-day moving average price is $40.39 and its two-hundred day moving average price is $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 at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment stock in a transaction 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 accessible through this link. 25.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Intech Investment Management LLC bought a new position in Sphere Entertainment in the third quarter worth about $320,000. Charles Schwab Investment Management Inc. raised its position in shares of Sphere Entertainment by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company’s stock worth $14,218,000 after purchasing an additional 5,575 shares during the period. FMR LLC lifted its holdings in shares of Sphere Entertainment by 76.3% in the 3rd quarter. FMR LLC now owns 110,035 shares of the company’s stock worth $4,680,000 after purchasing an additional 47,635 shares during the last quarter. Captrust Financial Advisors acquired a new position in Sphere Entertainment during the 3rd quarter valued at approximately $227,000. Finally, Verition Fund Management LLC grew its stake in Sphere Entertainment by 235.4% during the 3rd quarter. Verition Fund Management LLC now owns 109,184 shares of the company’s stock worth $4,824,000 after buying an additional 76,635 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

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.