Sphere Entertainment (NYSE:SPHR) Reaches New 1-Year Low After Insider Selling

Shares of Sphere Entertainment Co. (NYSE:SPHR) reached a new 52-week low during trading on Wednesday following insider selling activity. The stock traded as low as $31.56 and last traded at $31.60, with a volume of 1332162 shares changing hands. The stock had previously closed at $32.79.

Specifically, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s stock in a transaction that occurred on 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 legal filing with the SEC, which is available at this hyperlink.

Analysts Set New Price Targets

A number of research firms recently commented on SPHR. Macquarie dropped their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday. 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 research note on Tuesday, March 4th. Finally, Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Trading Up 0.9 %

The business’s 50 day simple moving average is $42.96 and its 200 day simple moving average is $42.50. 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 has a market capitalization of $1.13 billion, a price-to-earnings ratio of -3.04 and a beta of 1.39.

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC lifted its position in Sphere Entertainment by 826.1% during the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock worth $34,000 after acquiring an additional 760 shares during the period. Ancora Advisors LLC purchased a new stake in shares of Sphere Entertainment during the fourth quarter worth approximately $40,000. Tower Research Capital LLC TRC lifted its holdings in shares of 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 purchasing an additional 681 shares during the period. Blue Trust Inc. grew its position in Sphere Entertainment by 149.5% in the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock valued at $67,000 after buying an additional 912 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in Sphere Entertainment in the 4th quarter valued at $93,000. 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.