Sphere Entertainment (NYSE:SPHR) Stock Price Down 8.4% – Should You Sell?

Sphere Entertainment Co. (NYSE:SPHR) traded down 8.4% during trading on Friday . The company traded as low as $25.44 and last traded at $26.41. 482,104 shares changed hands during trading, a decline of 38% from the average session volume of 774,197 shares. The stock had previously closed at $28.84.

Wall Street Analysts Forecast Growth

SPHR has been the topic of several research reports. Macquarie decreased their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. The Goldman Sachs Group upgraded shares of Sphere Entertainment to a “strong-buy” rating in a research report on Thursday, March 27th. JPMorgan Chase & Co. cut their price target 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. Finally, Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Stock Down 6.9 %

The company’s fifty day simple moving average is $39.95 and its 200 day simple moving average is $41.14. 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 firm has a market capitalization of $960.54 million, a P/E ratio of -2.56 and a beta of 1.39.

Insider Transactions at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business’s 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 25.08% of the company’s stock.

Hedge Funds Weigh In On Sphere Entertainment

Several large investors have recently made changes to their positions in the business. Ariel Investments LLC increased its position in Sphere Entertainment by 7.4% during the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock valued at $231,606,000 after buying an additional 394,050 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Sphere Entertainment by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company’s stock valued at $112,689,000 after acquiring an additional 29,402 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Sphere Entertainment by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company’s stock worth $59,084,000 after purchasing an additional 9,837 shares during the last quarter. Geode Capital Management LLC boosted its stake in Sphere Entertainment by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 938,463 shares of the company’s stock worth $39,921,000 after purchasing an additional 24,772 shares in the last quarter. Finally, Steadfast Capital Management LP grew its position in Sphere Entertainment by 183.8% during the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock valued at $37,340,000 after purchasing an additional 599,800 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other 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.