Sphere Entertainment (NYSE:SPHR) Trading Down 2.6% Following Analyst Downgrade

Sphere Entertainment Co. (NYSE:SPHR)’s stock price was down 2.6% during mid-day trading on Tuesday after Bank of America lowered their price target on the stock from $45.00 to $43.00. Bank of America currently has a neutral rating on the stock. Sphere Entertainment traded as low as $40.62 and last traded at $40.69. Approximately 138,724 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 709,534 shares. The stock had previously closed at $41.77.

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

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of SPHR. Sanctuary Advisors LLC bought a new stake in shares of Sphere Entertainment during the 2nd quarter valued at $2,332,000. Ariadne Wealth Management LP purchased a new stake in Sphere Entertainment in the 2nd quarter worth $993,000. Susquehanna Fundamental Investments LLC bought a new stake in Sphere Entertainment during the second quarter valued at about $344,000. Sender Co & Partners Inc. raised its holdings in Sphere Entertainment by 372.6% during the second quarter. Sender Co & Partners Inc. now owns 40,746 shares of the company’s stock valued at $1,429,000 after acquiring an additional 32,124 shares during the period. Finally, Luxor Capital Group LP lifted its position in shares of Sphere Entertainment by 4.8% in the second quarter. Luxor Capital Group LP now owns 21,741 shares of the company’s stock valued at $762,000 after acquiring an additional 1,000 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Performance

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 business has a 50 day moving average price of $43.93 and a two-hundred day moving average price of $41.81. The stock has a market cap of $1.43 billion, a P/E ratio of 3.83 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, topping the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The business had revenue of $273.40 million for the quarter, compared to analysts’ expectations of $271.28 million. During the same quarter in the previous year, the company earned $15.43 EPS. The business’s quarterly revenue was up 111.8% compared to the same quarter last year. On average, sell-side analysts forecast that Sphere Entertainment Co. will post -6.9 earnings per share for the current fiscal year.

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.