Sphere Entertainment (NYSE:SPHR) Trading Down 4.5% – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR) shares dropped 4.5% on Friday . The stock traded as low as $35.64 and last traded at $35.77. Approximately 135,558 shares changed hands during trading, a decline of 81% from the average daily volume of 716,357 shares. The stock had previously closed at $37.46.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SPHR. Macquarie cut their price target on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. Morgan Stanley reduced their target price on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, November 11th. Guggenheim cut their price target on Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. reduced their price target on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Sphere Entertainment presently has an average rating of “Hold” and a consensus price target of $47.38.

Sphere Entertainment Trading Down 4.9 %

The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of -3.37 and a beta of 1.39. The business has a fifty day moving average of $43.50 and a 200-day moving average of $42.99.

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE raised its position in shares of Sphere Entertainment by 124.1% in the third quarter. US Bancorp DE now owns 7,235 shares of the company’s stock valued at $320,000 after purchasing an additional 4,006 shares during the period. Radnor Capital Management LLC raised its position in shares of Sphere Entertainment by 3.6% during the third quarter. Radnor Capital Management LLC now owns 23,670 shares of the company’s stock valued at $1,046,000 after buying an additional 825 shares during the last quarter. Concurrent Investment Advisors LLC bought a new position in Sphere Entertainment during the third quarter valued at about $216,000. Principal Financial Group Inc. bought a new stake in shares of Sphere Entertainment during the third quarter valued at approximately $788,000. Finally, Washington Trust Advisors Inc. raised its stake in shares of Sphere Entertainment by 1.1% in the 3rd quarter. Washington Trust Advisors Inc. now owns 198,774 shares of the company’s stock valued at $8,782,000 after buying an additional 2,102 shares in 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.