Sphere Entertainment (NYSE:SPHR) Shares Down 2.1% After Insider Selling

Sphere Entertainment Co. (NYSE:SPHR)’s stock price was down 2.1% during mid-day trading on Thursday following insider selling activity. The company traded as low as $30.84 and last traded at $31.21. Approximately 262,461 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 804,877 shares. The stock had previously closed at $31.89.

Specifically, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was 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 Securities & Exchange Commission, which is accessible through this link.

Analyst Ratings Changes

Several research firms have commented on SPHR. Macquarie cut their price target on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday. Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. cut their price target on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a 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 issued a buy rating to the company. Based on data from MarketBeat, Sphere Entertainment has a consensus rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Stock Performance

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 stock has a fifty day moving average price of $42.53 and a 200-day moving average price of $42.29. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -3.01 and a beta of 1.39.

Institutional Investors Weigh In On Sphere Entertainment

A number of large investors have recently bought and sold shares of SPHR. Sterling Capital Management LLC grew 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 last quarter. Ancora Advisors LLC bought a new stake in Sphere Entertainment during the 4th quarter worth approximately $40,000. Tower Research Capital LLC TRC grew its position in Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock worth $53,000 after acquiring an additional 681 shares during the last quarter. Blue Trust Inc. grew its position in Sphere Entertainment by 149.5% during the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock worth $67,000 after acquiring an additional 912 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Sphere Entertainment during the 4th quarter worth approximately $93,000. 92.03% of the stock is currently owned by institutional investors.

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.