Sphere Entertainment (NYSE:SPHR) Trading Down 3.7% - Here's What Happened

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) shares were down 3.7% during trading on Wednesday . The stock traded as low as $36.32 and last traded at $36.53. Approximately 124,134 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 810,125 shares. The stock had previously closed at $37.94.

Analyst Ratings Changes

Several equities research analysts recently commented on SPHR shares. Morgan Stanley cut their price objective on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 10th. Guggenheim upped their price target on shares of Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a research note on Friday, May 9th. JPMorgan Chase & Co. upped their price target on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research note on Wednesday, May 21st. 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 report on Tuesday, March 11th. Finally, Benchmark reaffirmed a "sell" rating and set a $35.00 price target on shares of Sphere Entertainment in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Sphere Entertainment has an average rating of "Hold" and a consensus price target of $45.78.

Sphere Entertainment Price Performance

The company's 50 day moving average price is $31.80 and its 200-day moving average price is $37.29. The stock has a market cap of $1.35 billion, a P/E ratio of -3.59 and a beta of 1.65. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($2.27) earnings per share for the quarter, topping 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 company had revenue of $280.57 million during the quarter, compared to analysts' expectations of $285.01 million. During the same period in the prior year, the company posted ($1.33) earnings per share. Sphere Entertainment's revenue for the quarter was down 12.7% compared to the same quarter last year. As a group, sell-side analysts expect that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Insiders Place Their Bets

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm's stock in a transaction 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 document filed with the SEC, which is available through the SEC website. Corporate insiders own 25.08% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SPHR. Steadfast Capital Management LP lifted its stake in shares of Sphere Entertainment by 183.8% in the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock valued at $37,340,000 after buying an additional 599,800 shares in the last quarter. Ariel Investments LLC lifted its position in shares of Sphere Entertainment by 9.6% during the first quarter. Ariel Investments LLC now owns 6,298,139 shares of the company's stock valued at $206,075,000 after purchasing an additional 553,947 shares in the last quarter. Norges Bank bought a new position in shares of Sphere Entertainment during the fourth quarter valued at about $14,432,000. Goldman Sachs Group Inc. lifted its position in shares of Sphere Entertainment by 132.0% during the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company's stock valued at $20,577,000 after purchasing an additional 357,794 shares in the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Sphere Entertainment by 292.8% during the first quarter. Deutsche Bank AG now owns 448,729 shares of the company's stock valued at $14,682,000 after purchasing an additional 334,500 shares in the last quarter. 92.03% of the stock is owned by 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.