Sphere Entertainment (NYSE:SPHR) Stock Price Down 3.7% - Should You Sell?

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s stock price traded down 3.7% on Wednesday . The company traded as low as $36.32 and last traded at $36.53. 124,134 shares traded hands during trading, a decline of 85% from the average session volume of 810,125 shares. The stock had previously closed at $37.94.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SPHR shares. Morgan Stanley dropped their price objective on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a report on Thursday, April 10th. JPMorgan Chase & Co. increased their target price on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Wednesday, May 21st. The Goldman Sachs Group set a $36.00 target price on shares of Sphere Entertainment and gave the company a "buy" rating in a research report on Friday, April 18th. Macquarie decreased their target price 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. Finally, Benchmark reiterated a "sell" rating and issued a $35.00 target price on shares of Sphere Entertainment in a research report on Monday, May 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $45.78.

Sphere Entertainment Stock Performance

The firm's fifty day simple moving average is $31.61 and its 200 day simple moving average is $37.34. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -3.55 and a beta of 1.51. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) EPS for the quarter, topping the consensus estimate of ($2.48) by $0.21. The business had revenue of $280.57 million during the quarter, compared to analysts' expectations of $285.01 million. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The firm's quarterly revenue was down 12.7% compared to the same quarter last year. During the same period last year, the company posted ($1.33) earnings per share. On average, sell-side analysts forecast that Sphere Entertainment Co. will post -11.47 EPS for the current year.

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 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 25.08% of the company's stock.

Hedge Funds Weigh In On Sphere Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ariel Investments LLC raised its position in Sphere Entertainment by 9.6% during the first quarter. Ariel Investments LLC now owns 6,298,139 shares of the company's stock valued at $206,075,000 after acquiring an additional 553,947 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Sphere Entertainment by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company's stock valued at $112,689,000 after purchasing an additional 29,402 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Sphere Entertainment by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company's stock valued at $59,084,000 after purchasing an additional 9,837 shares during the period. Steadfast Capital Management LP raised its position in shares of Sphere Entertainment by 183.8% in the fourth 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 period. Finally, Goldman Sachs Group Inc. raised its position in shares of Sphere Entertainment by 132.0% in the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company's stock valued at $20,577,000 after purchasing an additional 357,794 shares during the period. Institutional investors 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.