Sphere Entertainment (NYSE:SPHR) Stock Price Down 0.8% - Should You Sell?

Shares of Sphere Entertainment Co. (NYSE:SPHR) experienced a decline of 0.8% on Friday. The stock traded as low as $33.62 before closing at $33.51. During this trading session, 290,543 shares changed hands, marking a significant drop of 60% compared to the average volume of 728,968 shares. The previous closing price was $33.78.

Wall Street Analysts' Forecasts

Several equities research analysts have offered their insights on Sphere Entertainment. Recently, Macquarie reduced their target price for the company from $45.00 to $40.00, maintaining a "neutral" rating. Benchmark also reissued a "sell" rating for Sphere Entertainment. Meanwhile, JPMorgan Chase & Co. lowered their price target from $57.00 to $54.00 while keeping an "overweight" rating. Overall, one analyst has provided a sell rating, four analysts rated it a hold, and four analysts gave it a buy rating. According to MarketBeat, the average rating is currently "Hold" with a typical target price set at $46.75.

Sphere Entertainment Price Performance

The company's financial ratios include a current ratio of 0.56, a quick ratio of 0.56, and a debt-to-equity ratio of 0.23. Sphere Entertainment holds a market capitalization of $1.18 billion and has a P/E ratio of -3.14, with a beta of 1.39. The 50-day moving average sits at $40.90, while the 200-day moving average is at $41.47.

Insider Activities

In related news, insider F. Dolan 2009 Revocable Charles sold 55,385 shares of the company on March 10 at an average price of $33.80, resulting in a total transaction worth $1,872,013. The details of this sale were disclosed in a filing with the Securities and Exchange Commission. Insiders currently hold 25.08% of Sphere Entertainment’s stock.

Institutional Investor Movements

Meanwhile, there have been changes in the stakes held by institutional investors. Victory Capital Management Inc. increased its holdings in Sphere Entertainment by 1.2% during the third quarter, now owning 22,438 shares valued at around $991,000 after acquiring an additional 271 shares. Intech Investment Management LLC also took a new position valued at approximately $320,000. Additionally, Charles Schwab Investment Management Inc. raised its stake by 1.7%, owning 334,300 shares worth about $14,218,000 following the purchase of 5,575 shares. Furthermore, Algert Global LLC increased its holdings by 36.2%, now holding 17,737 shares valued at $754,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake valued at roughly $561,000. Overall, 92.03% of the stock is owned by hedge funds and institutional investors.

Company Overview

Sphere Entertainment Company operates in the entertainment sector, producing and hosting a variety of live events including concerts, family shows, special events, and sporting activities like professional boxing, college basketball, and esports. They manage notable venues such as The Garden, Hulu Theater, Radio City Music Hall, and The Chicago Theatre.

Conclusion

The stock's recent movement, along with insights from Wall Street analysts, raises questions about whether investors should hold or sell Sphere Entertainment shares. The company's current rating suggests a cautious outlook, emphasizing the importance of strategic investment choices.

Sphere, Entertainment, Stocks