Sphere Entertainment (NYSE:SPHR) Shares Down 10.3% – Here’s What Happened

Sphere Entertainment Co. (NYSE:SPHR) shares dropped 10.3% during mid-day trading on Thursday . The company traded as low as $30.02 and last traded at $30.03. Approximately 291,067 shares changed hands during trading, a decline of 62% from the average daily volume of 770,495 shares. The stock had previously closed at $33.48.

Wall Street Analyst Weigh In

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

Sphere Entertainment Stock Performance

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The firm’s 50-day moving average price is $39.63 and its two-hundred day moving average price is $41.03. The stock has a market cap of $959.97 million, a price-to-earnings ratio of -2.55 and a beta of 1.39.

Insider Transactions at Sphere Entertainment

In other Sphere Entertainment news, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 25.08% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted 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 acquiring an additional 5,575 shares in the last quarter. FMR LLC grew its holdings in shares of Sphere Entertainment by 76.3% during the third quarter. FMR LLC now owns 110,035 shares of the company’s stock worth $4,680,000 after buying an additional 47,635 shares during the last quarter. Captrust Financial Advisors acquired a new position in shares of Sphere Entertainment in the third quarter valued at approximately $227,000. Verition Fund Management LLC purchased a new position in Sphere Entertainment during the 3rd quarter worth $423,000. Finally, Centiva Capital LP acquired a new stake in Sphere Entertainment in the third quarter valued at about $382,000. Institutional investors and hedge funds 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.