Sphere Entertainment (NYSE:SPHR) Trading Down 6.5%

Sphere Entertainment Co. (NYSE:SPHR)’s stock price fell 6.5% on Tuesday . The stock traded as low as $40.35 and last traded at $40.35. 280,645 shares changed hands during trading, a decline of 60% from the average session volume of 702,899 shares. The stock had previously closed at $43.16.

Analyst Ratings Changes

Several equities analysts have weighed in on SPHR shares. Benchmark reaffirmed a “sell” rating and set a $40.00 target price on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Morgan Stanley upped their price objective on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, July 11th. JPMorgan Chase & Co. raised shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $37.00 to $57.00 in a research note on Friday, August 16th. Macquarie increased their price objective on Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, August 16th. Finally, Guggenheim lowered their target price on Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $45.83.

Sphere Entertainment Price Performance

The company’s 50-day simple moving average is $43.54 and its 200 day simple moving average is $41.81. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 3.67 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share for the quarter, topping the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The firm had revenue of $273.40 million during the quarter, compared to analyst estimates of $271.28 million. During the same period in the previous year, the company earned $15.43 EPS. The company’s revenue for the quarter was up 111.8% on a year-over-year basis. Equities research analysts forecast that Sphere Entertainment Co. will post -6.9 EPS for the current year.

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds have recently bought and sold shares of the company. Blue Trust Inc. acquired a new position in shares of Sphere Entertainment during the 2nd quarter worth about $27,000. National Bank of Canada FI acquired a new stake in shares of Sphere Entertainment in the fourth quarter worth $46,000. Summit Securities Group LLC bought a new position in Sphere Entertainment during the second quarter worth $54,000. Quest Partners LLC bought a new stake in Sphere Entertainment in the 4th quarter valued at $61,000. Finally, 1832 Asset Management L.P. acquired a new stake in Sphere Entertainment in the 1st quarter worth $85,000. 92.03% of the stock is currently owned by 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.