Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) was down 4.2% during trading on Tuesday . The company traded as low as $28.46 and last traded at $28.33. Approximately 442,892 shares changed hands during trading, a decline of 45% from the average daily volume of 802,714 shares. The stock had previously closed at $29.56.
Wall Street Analysts Forecast Growth
SPHR has been the subject of a number of analyst reports. Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. 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 research note on Tuesday, March 4th. The Goldman Sachs Group set a $36.00 price target on Sphere Entertainment and gave the stock a "buy" rating in a research report on Friday, April 18th. Guggenheim reiterated a "buy" rating and set a $69.00 target price on shares of Sphere Entertainment in a research report on Wednesday, April 23rd. Finally, Susquehanna initiated coverage on Sphere Entertainment in a report on Monday. They set a "positive" rating and a $37.00 target price on the stock. 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. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $45.67.
View Our Latest Stock Report on Sphere Entertainment
Sphere Entertainment Stock Up 4.9 %
The stock has a market capitalization of $1.02 billion, a P/E ratio of -2.71 and a beta of 1.51. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The stock's fifty day simple moving average is $31.32 and its two-hundred day simple moving average is $38.69.
Insider Activity
In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business's stock in a transaction that occurred on 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 document filed with the SEC, which is available through the SEC website. Insiders own 25.08% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of SPHR. US Bancorp DE boosted its position in shares of Sphere Entertainment by 3.8% during the 4th quarter. US Bancorp DE now owns 7,511 shares of the company's stock worth $303,000 after purchasing an additional 276 shares in the last quarter. Central Pacific Bank Trust Division raised its position in shares of Sphere Entertainment by 5.3% during the fourth quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company's stock worth $401,000 after purchasing an additional 500 shares during the period. Boyar Asset Management Inc. lifted its holdings in shares of Sphere Entertainment by 1.2% in the 4th quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company's stock worth $1,793,000 after purchasing an additional 542 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after purchasing an additional 681 shares during the period. Finally, Legal & General Group Plc increased its stake in Sphere Entertainment by 2.8% during the 4th quarter. Legal & General Group Plc now owns 26,678 shares of the company's stock valued at $1,076,000 after purchasing an additional 720 shares in the last quarter. 92.03% of the stock is owned by institutional investors.
About Sphere Entertainment
(
Get Free Report)
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.
Further Reading
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