Sphere Entertainment (NYSE:SPHR) Downgraded to "Neutral" at Seaport Res Ptn

Sphere Entertainment (NYSE:SPHR - Get Free Report) was downgraded by equities research analysts at Seaport Res Ptn from a "buy" rating to a "neutral" rating in a research report issued to clients and investors on Monday, Zacks.com reports.

A number of other research firms also recently issued reports on SPHR. JPMorgan Chase & Co. lifted their price objective on Sphere Entertainment from $33.00 to $37.00 and gave the stock a "neutral" rating in a research note on Tuesday, February 6th. Wolfe Research started coverage on Sphere Entertainment in a research note on Wednesday, January 17th. They issued a "peer perform" rating on the stock. Finally, Bank of America assumed coverage on Sphere Entertainment in a research note on Wednesday, February 7th. They issued a "neutral" rating and a $43.00 price objective on the stock. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $35.60.

Sphere Entertainment Stock Performance

NYSE:SPHR traded down $0.47 on Monday, hitting $44.53. The stock had a trading volume of 670,696 shares, compared to its average volume of 709,219. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 4.21 and a beta of 1.40. 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 business's 50-day simple moving average is $44.15 and its two-hundred day simple moving average is $37.85. Sphere Entertainment has a 52-week low of $20.68 and a 52-week high of $51.83.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its 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 during the quarter, compared to analysts' expectations of $303.28 million. During the same period in the previous year, the business posted $2.25 earnings per share. The company's revenue for the quarter was up 96.9% on a year-over-year basis. As a group, research analysts predict that Sphere Entertainment will post -3.88 earnings per share for the current year.

Insider Activity

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

Institutional Investors Weigh In On Sphere Entertainment

A number of hedge funds have recently made changes to their positions in the stock. Ancora Advisors LLC acquired a new position in Sphere Entertainment during the 3rd quarter valued at about $25,000. Tower Research Capital LLC TRC acquired a new position in shares of Sphere Entertainment in the third quarter valued at about $35,000. Qube Research & Technologies Ltd acquired a new position in shares of Sphere Entertainment in the third quarter valued at about $45,000. National Bank of Canada FI acquired a new position in shares of Sphere Entertainment in the fourth quarter valued at about $46,000. Finally, FMR LLC acquired a new position in shares of Sphere Entertainment in the third quarter valued at about $52,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.