Sphere Entertainment (NYSE:SPHR) Stock Price Down 7.5% After Analyst Downgrade
Sphere Entertainment Co. (NYSE:SPHR) shares fell 7.5% after Morgan Stanley downgraded its price target from $45 to $32, maintaining an equal weight rating. The stock traded as low as $26.74, with a significant drop in trading volume. Other analysts have also adjusted their ratings, with mixed opinions on the stock. Currently, it holds an average rating of "Moderate Buy" with a consensus target price of $45.25. The company has a market cap of $954.64 million and a PE ratio of -2.54.
Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) shares traded down 7.5% on Friday after Morgan Stanley lowered their price target on the stock from $45.00 to $32.00. Morgan Stanley currently has an equal weight rating on the stock. Sphere Entertainment traded as low as $26.74 and last traded at $26.42. 122,226 shares were traded during trading, a decline of 86% from the average session volume of 855,334 shares. The stock had previously closed at $28.57.
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Other equities research analysts also recently issued reports about the stock. Macquarie dropped their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 11th. Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a report on Monday, March 3rd. The Goldman Sachs Group upgraded Sphere Entertainment to a "strong-buy" rating in a report on Thursday, March 27th. Finally, JPMorgan Chase & Co. decreased their target price 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $45.25.
Check Out Our Latest Report on Sphere Entertainment
Insiders Place Their Bets
In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 25.08% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC grew its holdings in shares of Sphere Entertainment by 826.1% in the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after acquiring an additional 760 shares during the period. Ancora Advisors LLC acquired a new stake in Sphere Entertainment in the fourth quarter valued at $40,000. Tower Research Capital LLC TRC increased its position in shares of Sphere Entertainment by 108.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after buying an additional 681 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Sphere Entertainment by 149.5% during the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company's stock worth $67,000 after buying an additional 912 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Sphere Entertainment in the 4th quarter worth about $93,000. 92.03% of the stock is owned by hedge funds and other institutional investors.
Sphere Entertainment Stock Down 6.6 %
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 firm's 50-day moving average is $37.52 and its 200 day moving average is $40.50. The firm has a market capitalization of $954.64 million, a PE ratio of -2.54 and a beta of 1.48.
Sphere Entertainment Company Profile
(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.
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