Sphere Entertainment (NYSE:SPHR) Shares Break Above 50 Day Moving Average – Should You Sell?

Sphere Entertainment Co. (NYSE:SPHR)’s stock price crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $123.61 and traded as high as $128.93. Sphere Entertainment shares last traded at $126.79, with a volume of 591,537 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SPHR. BTIG Research decreased their price objective on Sphere Entertainment from $160.00 to $145.00 and set a “buy” rating for the company in a research report on Friday, November 6th. Citigroup restated a “market outperform” rating on shares of Sphere Entertainment in a report on Tuesday, October 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $145.00 price target (down from $185.00) on shares of Sphere Entertainment in a research note on Friday, October 23rd. Guggenheim reduced their price target on shares of Sphere Entertainment from $180.00 to $175.00 and set a “buy” rating for the company in a report on Friday, November 6th. Finally, Susquehanna reiterated a “positive” rating and issued a $156.00 price target on shares of Sphere Entertainment in a report on Friday, November 6th. Eleven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $156.60.

Sphere Entertainment Stock Up 1.8%

The company’s fifty day moving average is $122.93 and its 200 day moving average is $131.13. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.36.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($4.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.66) by ($3.18). Sphere Entertainment had a negative net margin of 11.60% and a negative return on equity of 0.78%. The business had revenue of $274.26 million during the quarter, compared to analyst estimates of $269.71 million. During the same quarter in the previous year, the firm posted ($2.80) earnings per share. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. As a group, equities research analysts predict that Sphere Entertainment Co. will post -5.43 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Signaturefd LLC raised its stake in shares of Sphere Entertainment by 204.9% during the 3rd quarter. Signaturefd LLC now owns 186 shares of the company’s stock worth $25,000 after purchasing an additional 125 shares in the last quarter. Polaris Financial Partners acquired a new stake in shares of Sphere Entertainment in the 3rd quarter valued at approximately $43,000. Nykredit A S acquired a new stake in shares of Sphere Entertainment in the 2nd quarter valued at approximately $79,000. Parallel Advisors LLC grew its stake in shares of Sphere Entertainment by 275.0% in the first 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 grew its stake in shares of Sphere Entertainment by 38.0% in the first 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. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Company Profile

Sphere Entertainment Co. is a live entertainment and media company whose businesses include Sphere and MSG Networks. Sphere is a large-scale venue in Las Vegas designed for concerts, films and other events, featuring immersive visuals and sound. The company also operates Sphere Studios, which develops content and technology for the venue and other applications. MSG Networks operates regional sports and entertainment networks serving viewers in the New York metropolitan area. Its programming includes live coverage of professional sports, as well as news and other original content, with related streaming services also available to consumers.