Sphere Entertainment (NYSE:SPHR) Trading Down 1.2% Following Insider Selling

Sphere Entertainment Co. (NYSE:SPHR) traded down 1.2% on Wednesday following insider selling activity. The stock traded as low as $31.01 and last traded at $31.25. 444,153 shares were traded during trading, a decline of 44% from the average session volume of 791,959 shares. The stock had previously closed at $31.64.

Specifically, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. 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 report on Tuesday. Finally, JPMorgan Chase & Co. reduced 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. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Sphere Entertainment currently has a consensus rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Stock Up 0.9 %

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 has a market cap of $1.13 billion, a price-to-earnings ratio of -3.04 and a beta of 1.39. The firm’s 50-day simple moving average is $42.96 and its two-hundred day simple moving average is $42.50.

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE grew its position in shares of Sphere Entertainment by 124.1% during the 3rd quarter. US Bancorp DE now owns 7,235 shares of the company’s stock worth $320,000 after buying an additional 4,006 shares during the period. Principal Financial Group Inc. acquired a new stake in shares of Sphere Entertainment during the 3rd quarter worth approximately $788,000. Versor Investments LP acquired a new stake in shares of Sphere Entertainment during the 3rd quarter worth approximately $396,000. Entropy Technologies LP acquired a new stake in shares of Sphere Entertainment during the 3rd quarter worth approximately $293,000. Finally, Victory Capital Management Inc. grew its position in shares of Sphere Entertainment by 1.2% during the 3rd quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock worth $991,000 after buying an additional 271 shares during the period. Institutional investors and hedge funds 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.