Price T Rowe Associates Inc. MD Sells 16,803 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Price T Rowe Associates Inc. MD reduced its holdings in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 34.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 32,044 shares of the company's stock after selling 16,803 shares during the quarter. Price T Rowe Associates Inc. MD owned about 0.09% of Sphere Entertainment worth $1,293,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Tower Research Capital LLC TRC boosted its holdings in Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock worth $53,000 after acquiring an additional 681 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of Sphere Entertainment by 7.6% during the 4th quarter. MetLife Investment Management LLC now owns 17,387 shares of the company's stock valued at $701,000 after purchasing an additional 1,229 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Sphere Entertainment by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company's stock worth $59,084,000 after buying an additional 9,837 shares during the last quarter. Jump Financial LLC grew its position in Sphere Entertainment by 431.1% during the fourth quarter. Jump Financial LLC now owns 56,300 shares of the company's stock valued at $2,270,000 after buying an additional 45,700 shares during the period. Finally, Barclays PLC raised its position in Sphere Entertainment by 122.6% in the fourth quarter. Barclays PLC now owns 291,017 shares of the company's stock worth $11,734,000 after acquiring an additional 160,304 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Stock Down 1.2%

Shares of SPHR traded down $0.47 on Thursday, reaching $37.38. The stock had a trading volume of 179,430 shares, compared to its average volume of 812,204. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of -3.56 and a beta of 1.51. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. Sphere Entertainment Co. has a 12-month low of $23.89 and a 12-month high of $50.88. The company has a 50-day simple moving average of $29.96 and a 200-day simple moving average of $37.83.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.48) by $0.21. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The business had revenue of $280.57 million for the quarter, compared to analysts' expectations of $285.01 million. During the same quarter in the prior year, the business earned ($1.33) EPS. The business's revenue for the quarter was down 12.7% compared to the same quarter last year. Sell-side analysts predict that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Insiders Place Their Bets

In related 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 shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 25.08% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on SPHR. JPMorgan Chase & Co. cut their price target on Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating for the company in a research note on Tuesday, March 4th. Susquehanna initiated coverage on Sphere Entertainment in a research note on Monday, April 28th. They issued a "positive" rating and a $37.00 target price for the company. Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Macquarie cut their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating for the company in a research report on Tuesday, March 11th. Finally, Guggenheim upped their target price on shares of Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $46.22.

Sphere Entertainment 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.