Sphere Entertainment (NYSE:SPHR) Trading Down 7.5% on Analyst Downgrade

Sphere Entertainment Co. (NYSE:SPHR) traded down 7.5% during mid-day trading on Friday after Morgan Stanley lowered their price target on the stock from $45.00 to $32.00. Morgan Stanley currently has an equal weight rating on the stock. Sphere Entertainment traded as low as $26.74 and last traded at $26.42. 122,226 shares were traded during trading, a decline of 86% from the average session volume of 855,334 shares. The stock had previously closed at $28.57.

SPHR has been the subject of several other research reports. 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 note on Tuesday, March 4th. The Goldman Sachs Group upgraded shares of Sphere Entertainment to a “strong-buy” rating in a research report on Thursday, March 27th. Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, Macquarie reduced their price target 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. One analyst has rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $45.25.

Insider Activity at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’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 document filed with the SEC, which is available at this link. 25.08% of the stock is owned by insiders.

Institutional Trading of Sphere Entertainment

Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased its holdings in shares of Sphere Entertainment by 76.3% in the third quarter. FMR LLC now owns 110,035 shares of the company’s stock valued at $4,680,000 after purchasing an additional 47,635 shares during the period. OFI Invest Asset Management acquired a new position in Sphere Entertainment in the 4th quarter valued at $306,000. Entropy Technologies LP raised its position in Sphere Entertainment by 108.6% during the 4th quarter. Entropy Technologies LP now owns 13,816 shares of the company’s stock worth $557,000 after buying an additional 7,194 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Sphere Entertainment in the 4th quarter worth $2,656,000. Finally, SG Americas Securities LLC boosted its holdings in shares of Sphere Entertainment by 101.6% in the fourth quarter. SG Americas Securities LLC now owns 11,504 shares of the company’s stock valued at $464,000 after acquiring an additional 5,799 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Sphere Entertainment Trading Down 5.1 %

The firm has a market capitalization of $970.53 million, a price-to-earnings ratio of -2.58 and a beta of 1.48. The business’s 50 day moving average price is $37.15 and its 200-day moving average price is $40.39. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.

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.