Sphere Entertainment (NYSE:SPHR) Trading Down 0.9% – Should You Sell?

Sphere Entertainment Co. (NYSE:SPHR)’s share price fell 0.9% on Friday . The company traded as low as $31.61 and last traded at $31.92. 94,930 shares changed hands during trading, a decline of 87% from the average session volume of 725,228 shares. The stock had previously closed at $32.22.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SPHR. Macquarie cut their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. cut their target price 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. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Sphere Entertainment presently has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Price Performance

The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -3.05 and a beta of 1.39. The company’s 50-day moving average is $41.56 and its 200-day moving average is $41.74.

Insider Buying and Selling

In related 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 value of $1,872,013.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 25.08% of the company’s stock.

Institutional Trading of Sphere Entertainment

Several large investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its stake in Sphere Entertainment by 1.2% during the third quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock worth $991,000 after buying an additional 271 shares during the last quarter. US Bancorp DE grew its stake in Sphere Entertainment by 3.8% during the fourth quarter. US Bancorp DE now owns 7,511 shares of the company’s stock worth $303,000 after buying an additional 276 shares during the last quarter. Central Pacific Bank Trust Division grew its stake in Sphere Entertainment by 5.3% during the fourth quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company’s stock worth $401,000 after buying an additional 500 shares during the last quarter. Boyar Asset Management Inc. grew its stake in Sphere Entertainment by 1.2% during the fourth quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company’s stock worth $1,793,000 after buying an additional 542 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in Sphere Entertainment by 108.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock worth $53,000 after buying an additional 681 shares during the last quarter. 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.