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

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SPHR. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Macquarie reduced their target price on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. reduced their target price on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. One 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 data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Stock Up 1.9 %

The company has a market capitalization of $1.16 billion, a P/E ratio of -3.08 and a beta of 1.39. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The stock has a 50 day moving average price of $41.94 and a 200 day moving average price of $41.93.

Insider Activity

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s stock in a transaction on 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 Securities & Exchange Commission, which is available through this link. 25.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SPHR. Principal Financial Group Inc. bought a new position in Sphere Entertainment during the 3rd quarter worth $788,000. Victory Capital Management Inc. lifted its stake in shares of Sphere Entertainment by 1.2% in the 3rd quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock valued at $991,000 after purchasing an additional 271 shares during the period. Quest Partners LLC lifted its stake in shares of Sphere Entertainment by 98,992.3% in the 3rd quarter. Quest Partners LLC now owns 12,882 shares of the company’s stock valued at $569,000 after purchasing an additional 12,869 shares during the period. Intech Investment Management LLC acquired a new position in shares of Sphere Entertainment in the 3rd quarter valued at about $320,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Sphere Entertainment by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company’s stock valued at $14,218,000 after purchasing an additional 5,575 shares during the period. 92.03% of the stock is 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.