Sphere Entertainment (NYSE:SPHR) Trading Down 4.8%

Sphere Entertainment Co. (NYSE:SPHR) shares fell 4.8% on Friday . The company traded as low as $41.81 and last traded at $42.03. 220,518 shares were traded during mid-day trading, a decline of 68% from the average session volume of 693,419 shares. The stock had previously closed at $44.16.

Analyst Ratings Changes

A number of research firms have recently weighed in on SPHR. Wolfe Research began coverage on shares of Sphere Entertainment in a research note on Wednesday, January 17th. They issued a “peer perform” rating on the stock. Seaport Res Ptn downgraded shares of Sphere Entertainment from a “buy” rating to a “neutral” rating in a research report on Monday, April 8th. Bank of America began coverage on shares of Sphere Entertainment in a research report on Wednesday, February 7th. They set a “neutral” rating and a $43.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their target price on shares of Sphere Entertainment from $33.00 to $37.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 6th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $35.60.

Sphere Entertainment Trading Down 5.3 %

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.63 and a current ratio of 0.63. The firm’s fifty day simple moving average is $44.62 and its 200-day simple moving average is $37.98. The stock has a market cap of $1.47 billion, a P/E ratio of 3.95 and a beta of 1.40.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Monday, February 5th. The company reported ($4.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($4.42). Sphere Entertainment had a return on equity of 8.91% and a net margin of 40.36%. The firm had revenue of $314.16 million for the quarter, compared to the consensus estimate of $303.28 million. During the same quarter in the previous year, the business posted $2.25 EPS. The firm’s revenue for the quarter was up 96.9% compared to the same quarter last year. Equities research analysts expect that Sphere Entertainment Co. will post -3.88 EPS for the current fiscal year.

Insiders Place Their Bets

In other Sphere Entertainment news, CEO Andrea Greenberg sold 12,131 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $51.00, for a total transaction of $618,681.00. Following the completion of the transaction, the chief executive officer now owns 76,650 shares in the company, valued at approximately $3,909,150. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Andrea Greenberg sold 12,131 shares of Sphere Entertainment stock in a transaction on Friday, March 8th. The shares were sold at an average price of $51.00, for a total value of $618,681.00. Following the completion of the sale, the chief executive officer now owns 76,650 shares in the company, valued at approximately $3,909,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James Lawrence Dolan acquired 59,374 shares of the stock in a transaction dated Monday, February 26th. The stock was bought at an average price of $41.11 per share, with a total value of $2,440,865.14. Following the purchase, the chief executive officer now directly owns 443,900 shares in the company, valued at $18,248,729. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 245,669 shares of company stock worth $10,706,120. 24.46% of the stock is currently owned by insiders.

Institutional Trading of Sphere Entertainment

Hedge funds have recently modified their holdings of the stock. Ariel Investments LLC acquired a new stake in Sphere Entertainment in the 3rd quarter valued at $171,186,000. Vanguard Group Inc. acquired a new stake in Sphere Entertainment in the 3rd quarter valued at $99,941,000. Jericho Capital Asset Management L.P. acquired a new stake in Sphere Entertainment in the 3rd quarter valued at $63,127,000. Gamco Investors INC. ET AL acquired a new stake in Sphere Entertainment in the 3rd quarter valued at $32,884,000. Finally, Gabelli Funds LLC acquired a new stake in Sphere Entertainment in the 3rd quarter valued at $24,458,000. Institutional investors own 92.03% of the company’s stock.

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.