Sphere Entertainment (NYSE:SPHR) Trading Down 4.2% – Time to Sell?

Sphere Entertainment Co. (NYSE:SPHR) fell 4.2% on Thursday . The company traded as low as $152.21 and last traded at $150.7130. 78,480 shares traded hands during trading, a decline of 90% from the average daily volume of 769,938 shares. The stock had previously closed at $157.40.

Analyst Ratings Changes

Several research firms recently issued reports on SPHR. JPMorgan Chase & Co. reduced their price target on Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Piper Sandler assumed coverage on Sphere Entertainment in a research report on Thursday, August 20th. They set an “overweight” rating and a $185.00 price objective on the stock. Benchmark lifted their target price on Sphere Entertainment from $155.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Citizens Jmp boosted their target price on shares of Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a research report on Wednesday, June 17th. Finally, Citigroup restated a “market outperform” rating on shares of Sphere Entertainment in a research note on Wednesday, June 17th. Twelve analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $164.93.

Sphere Entertainment Trading Down 4.8%

The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22. The company has a market capitalization of $5.38 billion, a price-to-earnings ratio of -55.92 and a beta of 1.65. The business’s 50-day moving average price is $154.73 and its two-hundred day moving average price is $135.73.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The business had revenue of $313.64 million for the quarter, compared to the consensus estimate of $307.44 million. During the same quarter in the prior year, the business posted $3.39 earnings per share. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. Research analysts predict that Sphere Entertainment Co. will post -2.34 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Hollencrest Capital Management bought a new stake in Sphere Entertainment during the fourth quarter worth about $41,000. Caitong International Asset Management Co. Ltd increased its holdings in Sphere Entertainment by 53.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after buying an additional 156 shares during the period. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Sphere Entertainment in the 4th quarter valued at approximately $48,000. Parallel Advisors LLC raised its position in shares of Sphere Entertainment by 275.0% in the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock valued at $55,000 after buying an additional 341 shares in the last quarter. Finally, Vision Retirement LLC raised its position in shares of Sphere Entertainment by 38.0% in the 1st quarter. Vision Retirement LLC now owns 483 shares of the company’s stock valued at $57,000 after buying an additional 133 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Company Profile

Sphere Entertainment Co (NYSE: SPHR) is a publicly traded company focused on the development and operation of large-scale immersive entertainment venues. Established as a standalone entity in early 2023 following its separation from Madison Square Garden Entertainment, Sphere leverages cutting-edge audiovisual technologies to create next-generation concert, film and cultural experiences. The company’s flagship venue in Las Vegas showcases its core capabilities, while additional projects are in various stages of development around the world.

At the Las Vegas Sphere, Sphere Entertainment has installed one of the largest LED display surfaces on the planet, wrapping audiences in 16K resolution imagery and spatial audio powered by proprietary sound systems.