Sphere Entertainment (NYSE:SPHR) Trading Down 0.8% – Time to Sell?

Shares of Sphere Entertainment Co. (NYSE:SPHR) dropped 0.8% during mid-day trading on Friday . The company traded as low as $33.62 and last traded at $33.51. Approximately 290,543 shares changed hands during trading, a decline of 60% from the average daily volume of 728,968 shares. The stock had previously closed at $33.78.

Analyst Ratings Changes

SPHR has been the subject of a number of analyst reports. Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Macquarie cut their target price on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Finally, JPMorgan Chase & Co. decreased their price target on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Sphere Entertainment presently has a consensus rating of “Hold” and a consensus price target of $46.75.

Sphere Entertainment Price Performance

The business’s fifty day moving average price is $40.90 and its 200-day moving average price is $41.47. The company has a market capitalization of $1.18 billion, a P/E ratio of -3.14 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.

Insider Buying and Selling at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $33.80, for a total transaction of $1,872,013.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 25.08% of the company’s stock.

Institutional Investors Weigh In On Sphere Entertainment

A number of hedge funds have recently made changes to their positions in SPHR. Jefferies Financial Group Inc. purchased a new position in Sphere Entertainment in the 4th quarter worth $202,000. Putney Financial Group LLC purchased a new position in shares of Sphere Entertainment in the fourth quarter valued at about $257,000. Public Employees Retirement System of Ohio bought a new position in shares of Sphere Entertainment during the fourth quarter valued at about $93,000. Poehling Capital Management INC. boosted its holdings in shares of Sphere Entertainment by 104.1% during the fourth 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 grew its stake in shares of Sphere Entertainment by 14.4% in the fourth 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 purchasing 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.