Sphere Entertainment (NYSE:SPHR) Given New $40.00 Price Target at Macquarie

Sphere Entertainment (NYSE:SPHR) had its price objective reduced by Macquarie from $45.00 to $40.00 in a research note published on Tuesday,Benzinga reports. Macquarie currently has a neutral rating on the stock.

SPHR has been the topic of a number of other research reports. JPMorgan Chase & Co. cut their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 4th. Guggenheim cut their target price on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Benchmark restated a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, Morgan Stanley cut their target price on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, November 11th. One research 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 company presently has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR opened at $30.87 on Tuesday. The company’s 50 day simple moving average is $42.75 and its 200 day simple moving average is $42.41. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of -2.94 and a beta of 1.39. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. Sphere Entertainment has a 1 year low of $30.62 and a 1 year high of $50.88.

Insider Buying and Selling at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 25.08% of the company’s stock.

Institutional Investors Weigh In On Sphere Entertainment

A number of hedge funds have recently added to or reduced their stakes in SPHR. US Bancorp DE grew its stake in Sphere Entertainment by 124.1% in the third quarter. US Bancorp DE now owns 7,235 shares of the company’s stock valued at $320,000 after acquiring an additional 4,006 shares during the period. Concurrent Investment Advisors LLC acquired a new stake in Sphere Entertainment in the third quarter valued at approximately $216,000. Principal Financial Group Inc. acquired a new stake in Sphere Entertainment in the third quarter valued at approximately $788,000. Versor Investments LP acquired a new stake in Sphere Entertainment in the third quarter valued at approximately $396,000. Finally, Entropy Technologies LP acquired a new stake in Sphere Entertainment in the third quarter valued at approximately $293,000. 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.