Sphere Entertainment (NYSE:SPHR) Trading Down 4.8%

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

Analysts Set New Price Targets

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

Sphere Entertainment Stock Performance

The business has a fifty day simple moving average of $44.62 and a 200-day simple moving average of $37.98. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.21. The firm 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 issued its quarterly earnings results on Monday, February 5th. The company reported ($4.91) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($4.42). Sphere Entertainment had a net margin of 40.36% and a return on equity of 8.91%. The company 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 earned $2.25 earnings per share. Sphere Entertainment’s revenue was up 96.9% compared to the same quarter last year. On average, sell-side analysts predict that Sphere Entertainment Co. will post -3.88 EPS for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On Sphere Entertainment

Several institutional investors have recently modified their holdings of the business. Ariel Investments LLC purchased a new stake in shares of Sphere Entertainment during the third quarter valued at $171,186,000. Vanguard Group Inc. boosted its position in shares of Sphere Entertainment by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 2,789,782 shares of the company’s stock valued at $94,741,000 after buying an additional 100,311 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Sphere Entertainment by 2.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,717,858 shares of the company’s stock valued at $58,340,000 after buying an additional 38,594 shares during the last quarter. Jericho Capital Asset Management L.P. purchased a new stake in shares of Sphere Entertainment during the third quarter valued at $63,127,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Sphere Entertainment by 24.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock valued at $52,095,000 after buying an additional 299,931 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other 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.