Sphere Entertainment (NYSE:SPHR) Trading Down 1%: What’s Next?

Sphere Entertainment Co. (NYSE:SPHR) experienced a 1% drop in stock price on Monday, with shares trading as low as $32.50 and last recorded at $32.89. The trading volume stood at approximately 100,768 shares, reflecting a significant decline of 87% from the average daily volume of 767,508 shares. The stock had closed at $33.23 prior to the decline.

Wall Street Analyst Perspectives

Numerous research analysts have shared their insights regarding Sphere Entertainment. Macquarie has recently revised its price target for the company, reducing it from $45.00 to $40.00 while maintaining a "neutral" rating. In a separate note, Benchmark reiterated a "sell" rating for the shares. Additionally, JPMorgan Chase & Co. lowered their price target for Sphere from $57.00 to $54.00, granting an "overweight" rating. Currently, one analyst has issued a sell rating on the stock, four have given it a hold rating, and four have recommended buying it. Data from MarketBeat.com indicates that the consensus rating for Sphere Entertainment is a "Hold" with an average price target of $46.75.

Current Stock Performance

As of now, Sphere Entertainment’s fifty-day simple moving average is noted at $40.74, while the two-hundred day simple moving average sits at $41.41. The company boasts a market capitalization of $1.18 billion, a price-to-earnings ratio of -3.15, alongside a debt-to-equity ratio of 0.23. The current and quick ratios are both recorded at 0.56.

Insider Transactions

In recent related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere’s stock in a transaction on March 10, fetching an average price of $33.80 per share. This sale amounted to a total of $1,872,013.00 and was publicly disclosed via a filing with the Securities and Exchange Commission. It’s worth noting that 25.08% of the stock is held by company insiders.

Hedge Fund Activity

Recent data reveals that various hedge funds and institutional investors have made adjustments to their holdings in Sphere Entertainment. Sterling Capital Management, for example, boosted its position in the company by 826.1% in the fourth quarter, acquiring an additional 760 shares to hold a total of 852 shares valued at $34,000. Ancora Advisors also entered into a new investment in Sphere during the fourth quarter, amounting to $40,000. Moreover, Tower Research Capital increased its stake by 108.1%, owning 1,311 shares valued at $53,000 after obtaining 681 additional shares. Blue Trust Inc. raised its holdings by 149.5%, now owning 1,522 shares worth $67,000 after adding 912 shares during that period. Lastly, the Public Employees Retirement System of Ohio purchased a new stake in Sphere valued at approximately $93,000. Overall, institutional investors and hedge funds control 92.03% of the company’s stock.

Company Overview

Sphere Entertainment Co. is actively engaged in the entertainment sector, producing, presenting, or hosting a variety of live events. This includes concerts, family shows, special events, sporting events such as professional boxing, college basketball, and mixed martial arts, among others. Their venues are prominent locations like The Garden, Hulu Theater, Radio City Music Hall, the Beacon Theatre in New York City, as well as The Chicago Theatre.

Conclusion

As Sphere Entertainment navigates its current stock fluctuations, investors may be contemplating their next steps. While the consensus rating currently stands at "Hold," analysts are also highlighting other potential investment opportunities. For those considering their investment strategies, it may be beneficial to explore various market insights and expert recommendations.

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