Sphere Entertainment (NYSE:SPHR) Stock Price Down 7.2% – Here’s Why

Shares of Sphere Entertainment Co. (NYSE:SPHR) fell 7.2% on Monday . The stock traded as low as $32.30 and last traded at $32.85. 332,946 shares traded hands during trading, a decline of 55% from the average session volume of 737,371 shares. The stock had previously closed at $35.41.

Analyst Upgrades and Downgrades

SPHR has been the subject of several recent analyst reports. Morgan Stanley lowered their price target on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. JPMorgan Chase & Co. decreased their price target on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th. Guggenheim cut their target price on Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Finally, Macquarie lowered their price target on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $47.38.

Sphere Entertainment Stock Down 7.0 %

The company has a market cap of $1.16 billion, a price-to-earnings ratio of -3.14 and a beta of 1.39. The business has a fifty day moving average of $43.45 and a two-hundred day moving average of $42.81. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

Institutional Investors Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased its stake in shares of Sphere Entertainment by 76.3% during the third quarter. FMR LLC now owns 110,035 shares of the company’s stock worth $4,680,000 after purchasing an additional 47,635 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in shares of Sphere Entertainment during the third quarter worth approximately $788,000. Entropy Technologies LP raised its stake in Sphere Entertainment by 108.6% in the 4th quarter. Entropy Technologies LP now owns 13,816 shares of the company’s stock valued at $557,000 after purchasing an additional 7,194 shares during the last quarter. SG Americas Securities LLC boosted its stake in Sphere Entertainment by 101.6% during the 4th quarter. SG Americas Securities LLC now owns 11,504 shares of the company’s stock worth $464,000 after purchasing an additional 5,799 shares during the last quarter. Finally, Zacks Investment Management raised its position in shares of Sphere Entertainment by 15.3% in the third quarter. Zacks Investment Management now owns 111,687 shares of the company’s stock valued at $4,750,000 after buying an additional 14,812 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.