Sphere Entertainment (NYSE:SPHR) Shares Gap Down to $46.80

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $46.80, but opened at $45.73. Sphere Entertainment shares last traded at $46.26, with a volume of 38,964 shares.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Wolfe Research assumed coverage on shares of Sphere Entertainment in a report on Wednesday, January 17th. They set a "peer perform" rating on the stock. JPMorgan Chase & Co. raised their price objective on shares of Sphere Entertainment from $33.00 to $37.00 and gave the stock a "neutral" rating in a report on Tuesday, February 6th. Finally, Bank of America began coverage on shares of Sphere Entertainment in a report on Wednesday, February 7th. They set a "neutral" rating and a $43.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of "Hold" and a consensus target price of $35.60.

Sphere Entertainment Stock Down 3.8 %

The business's fifty day moving average price is $43.76 and its 200 day moving average price is $37.73. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of 4.34 and a beta of 1.40. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.21.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings data on Monday, February 5th. The company reported ($4.91) earnings per share for the quarter, missing analysts' consensus estimates of ($0.49) by ($4.42). Sphere Entertainment had a net margin of 40.36% and a return on equity of 8.91%. The firm had revenue of $314.16 million during the quarter, compared to analysts' expectations of $303.28 million. During the same quarter last year, the business earned $2.25 earnings per share. The business's quarterly revenue was up 96.9% on a year-over-year basis. On average, equities analysts expect that Sphere Entertainment Co. will post -3.88 EPS for the current year.

Insiders Place Their Bets

In related news, CEO James Lawrence Dolan bought 59,374 shares of the firm's stock in a transaction on Monday, February 26th. The shares were bought at an average cost of $41.11 per share, for a total transaction of $2,440,865.14. Following the transaction, the chief executive officer now owns 443,900 shares of the company's stock, valued at $18,248,729. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Andrea Greenberg sold 12,131 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer now owns 76,650 shares of the company's stock, valued at approximately $3,909,150. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Lawrence Dolan acquired 59,374 shares of the company's stock in a transaction dated Monday, February 26th. The shares were bought at an average cost of $41.11 per share, with a total value of $2,440,865.14. Following the purchase, the chief executive officer now owns 443,900 shares in the company, valued at $18,248,729. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 245,669 shares of company stock worth $10,706,120. Corporate insiders own 24.46% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SPHR. Ancora Advisors LLC acquired a new position in shares of Sphere Entertainment during the 3rd quarter valued at about $25,000. Tower Research Capital LLC TRC acquired a new stake in Sphere Entertainment during the 3rd quarter worth approximately $35,000. Qube Research & Technologies Ltd acquired a new stake in Sphere Entertainment during the 3rd quarter worth approximately $45,000. National Bank of Canada FI acquired a new stake in Sphere Entertainment during the 4th quarter worth approximately $46,000. Finally, FMR LLC acquired a new stake in Sphere Entertainment during the 3rd quarter worth approximately $52,000. Institutional investors and hedge funds 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.