Sphere Entertainment (NYSE:SPHR) Shares Down 6.5%

Sphere Entertainment Co. (NYSE:SPHR) shares were down 6.5% during trading on Tuesday . The company traded as low as $40.35 and last traded at $40.35. Approximately 280,645 shares traded hands during trading, a decline of 60% from the average daily volume of 702,899 shares. The stock had previously closed at $43.16.

Analyst Upgrades and Downgrades

SPHR has been the topic of several recent research reports. Benchmark restated a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. upgraded 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. Macquarie lifted their price target on shares of Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, August 16th. Morgan Stanley upped their price objective 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. Finally, Guggenheim reduced their target price on Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $45.83.

Sphere Entertainment Trading Down 0.9 %

The stock has a market cap of $1.46 billion, a price-to-earnings ratio of 3.80 and a beta of 1.41. The business’s 50 day simple moving average is $43.70 and its 200 day simple moving average is $41.80. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22.

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

Institutional Investors Weigh In On Sphere Entertainment

A number of large investors have recently added to or reduced their stakes in SPHR. Swiss National Bank raised its position in shares of Sphere Entertainment by 1.6% in the 1st quarter. Swiss National Bank now owns 50,159 shares of the company’s stock valued at $2,462,000 after buying an additional 800 shares in the last quarter. Greenhaven Road Investment Management L.P. boosted its holdings in shares of Sphere Entertainment by 18.3% in the 4th quarter. Greenhaven Road Investment Management L.P. now owns 225,000 shares of the company’s stock valued at $7,641,000 after purchasing an additional 34,789 shares in the last quarter. QRG Capital Management Inc. acquired a new position in shares of Sphere Entertainment during the 1st quarter worth $203,000. Seven Eight Capital LP lifted its position in shares of Sphere Entertainment by 145.1% during the 4th quarter. Seven Eight Capital LP now owns 64,653 shares of the company’s stock worth $2,196,000 after buying an additional 38,271 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Sphere Entertainment by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock worth $137,787,000 after purchasing an additional 17,613 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

About Sphere Entertainment

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.