Sphere Entertainment (NYSE:SPHR) Stock Price Down 8.4% – Time to Sell?

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

Analyst Ratings Changes

Several analysts have commented on SPHR shares. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. The Goldman Sachs Group upgraded Sphere Entertainment to a “strong-buy” rating in a report on Thursday, March 27th. JPMorgan Chase & Co. decreased their target price on 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, Macquarie dropped their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Trading Down 6.9 %

The firm has a market capitalization of $960.54 million, a P/E ratio of -2.56 and a beta of 1.39. The stock’s 50-day simple moving average is $39.95 and its two-hundred day simple moving average is $41.14. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.

Insider Transactions at Sphere Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 25.08% of the company’s stock.

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its holdings in shares of Sphere Entertainment by 76.3% during the 3rd quarter. FMR LLC now owns 110,035 shares of the company’s stock worth $4,680,000 after acquiring an additional 47,635 shares in the last quarter. Entropy Technologies LP increased its position in Sphere Entertainment by 108.6% in the fourth quarter. Entropy Technologies LP now owns 13,816 shares of the company’s stock worth $557,000 after purchasing an additional 7,194 shares during the last quarter. OFI Invest Asset Management purchased a new stake in Sphere Entertainment during the fourth quarter valued at $306,000. Raymond James Financial Inc. bought a new position in Sphere Entertainment during the fourth quarter valued at $2,656,000. Finally, SG Americas Securities LLC grew its stake 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 worth $464,000 after buying an additional 5,799 shares in 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.