Sphere Entertainment (NYSE:SPHR) Trading Down 2.1% Following Insider Selling

Sphere Entertainment Co. (NYSE:SPHR)’s share price fell 2.1% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $30.84 and last traded at $31.21. 262,461 shares were traded during trading, a decline of 67% from the average session volume of 804,877 shares. The stock had previously closed at $31.89.

Specifically, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the 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 at this hyperlink.

Wall Street Analysts Forecast Growth

SPHR has been the subject of several recent research reports. Benchmark restated a “sell” rating on shares of Sphere Entertainment in a 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 research note on Tuesday, March 4th. Finally, Macquarie lowered their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Stock Performance

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 company’s 50 day moving average price is $42.75 and its 200-day moving average price is $42.41. The stock has a market cap of $1.11 billion, a P/E ratio of -2.94 and a beta of 1.39.

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors have recently modified their holdings of SPHR. Principal Financial Group Inc. bought a new position in Sphere Entertainment in the 3rd quarter valued at $788,000. Versor Investments LP purchased a new position in shares of Sphere Entertainment in the 3rd quarter worth about $396,000. Entropy Technologies LP bought a new position in Sphere Entertainment during the third quarter valued at about $293,000. Victory Capital Management Inc. increased its holdings in Sphere Entertainment by 1.2% during the third 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 last quarter. Finally, Empowered Funds LLC raised its position in Sphere Entertainment by 5.4% in the third quarter. Empowered Funds LLC now owns 171,047 shares of the company’s stock worth $7,557,000 after acquiring an additional 8,710 shares during the period. 92.03% of the stock is owned by institutional investors.

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.