Sphere Entertainment (NYSE:SPHR) Trading Down 8.2% – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR) shares dropped 8.2% during mid-day trading on Tuesday . The stock traded as low as $41.07 and last traded at $41.39. Approximately 321,970 shares changed hands during trading, a decline of 55% from the average daily volume of 719,343 shares. The stock had previously closed at $45.08.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SPHR. Wolfe Research raised shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price for the company in a report on Wednesday, October 2nd. Morgan Stanley upped their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, July 11th. Guggenheim increased their price target on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, September 19th. JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $37.00 to $57.00 in a research note on Friday, August 16th. Finally, Benchmark reaffirmed a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $50.71.

Sphere Entertainment Stock Down 1.6 %

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63. The company has a market cap of $1.52 billion, a P/E ratio of 3.96 and a beta of 1.41. The business’s fifty day moving average is $43.85 and its two-hundred day moving average is $41.32.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.47) by $0.47. The company had revenue of $273.40 million for the quarter, compared to analysts’ expectations of $271.28 million. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. Sphere Entertainment’s revenue was up 111.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $15.43 earnings per share. Equities analysts predict that Sphere Entertainment Co. will post -9.24 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company boosted its holdings in Sphere Entertainment by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 13,177 shares of the company’s stock worth $462,000 after acquiring an additional 359 shares in the last quarter. North Star Investment Management Corp. boosted its stake in Sphere Entertainment by 0.5% in the 1st quarter. North Star Investment Management Corp. now owns 125,620 shares of the company’s stock worth $6,165,000 after purchasing an additional 620 shares in the last quarter. Quent Capital LLC grew its position in Sphere Entertainment by 15.5% during the 3rd quarter. Quent Capital LLC now owns 4,658 shares of the company’s stock worth $206,000 after purchasing an additional 624 shares during the last quarter. Blue Trust Inc. acquired a new position in Sphere Entertainment during the 2nd quarter valued at approximately $27,000. Finally, Swiss National Bank raised its holdings in shares of Sphere Entertainment by 1.6% in the first quarter. Swiss National Bank now owns 50,159 shares of the company’s stock worth $2,462,000 after buying an additional 800 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other 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.