Sphere Entertainment (NYSE:SPHR) Shares Down 0.4% – Time to Sell?

Sphere Entertainment Co. (NYSE:SPHR)’s stock price traded down 0.4% on Thursday . The stock traded as low as $36.49 and last traded at $37.84. 121,058 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 715,091 shares. The stock had previously closed at $38.01.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Macquarie reduced their target price on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. JPMorgan Chase & Co. decreased their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday. Morgan Stanley lowered their target price on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, November 11th. Finally, Guggenheim reduced their price target on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. One equities 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. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $47.38.

Sphere Entertainment Price Performance

The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The company’s 50-day moving average price is $43.51 and its 200-day moving average price is $43.02. The company has a market cap of $1.33 billion, a P/E ratio of -3.59 and a beta of 1.39.

Hedge Funds Weigh In On Sphere Entertainment

Large investors have recently added to or reduced their stakes in the company. FMR LLC lifted its position in shares of Sphere Entertainment by 76.3% in the third quarter. FMR LLC now owns 110,035 shares of the company’s stock worth $4,680,000 after purchasing an additional 47,635 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in Sphere Entertainment in the 3rd quarter valued at $788,000. Entropy Technologies LP boosted its stake in shares of Sphere Entertainment by 108.6% during the 4th quarter. Entropy Technologies LP now owns 13,816 shares of the company’s stock worth $557,000 after buying an additional 7,194 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Sphere Entertainment by 101.6% in the 4th quarter. SG Americas Securities LLC now owns 11,504 shares of the company’s stock valued at $464,000 after acquiring an additional 5,799 shares in the last quarter. Finally, Zacks Investment Management increased its position in shares of Sphere Entertainment by 15.3% in the third quarter. Zacks Investment Management now owns 111,687 shares of the company’s stock valued at $4,750,000 after acquiring an additional 14,812 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

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.