Sphere Entertainment (NYSE:SPHR) Shares Down 2.6% After Analyst Downgrade

Sphere Entertainment Co. (NYSE:SPHR)’s stock price was down 2.6% during 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 were traded during trading, a decline of 80% from the average daily volume of 709,534 shares. The stock had previously closed at $41.77.

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

Hedge Funds Weigh In On Sphere Entertainment

A number of large investors have recently added to or reduced their stakes in SPHR. The Manufacturers Life Insurance Company grew its position in shares of Sphere Entertainment by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,177 shares of the company’s stock worth $462,000 after buying an additional 359 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Sphere Entertainment by 2.2% in the fourth quarter. Victory Capital Management Inc. now owns 20,851 shares of the company’s stock worth $708,000 after purchasing an additional 457 shares during the last quarter. North Star Investment Management Corp. increased its position in shares of Sphere Entertainment by 0.5% during the first 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. Blue Trust Inc. purchased a new stake in shares of Sphere Entertainment during the 2nd quarter valued at $27,000. Finally, Swiss National Bank boosted 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 worth $2,462,000 after purchasing an additional 800 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Trading Down 1.8 %

The company has a 50 day moving average of $43.95 and a two-hundred day moving average of $41.79. The stock has a market capitalization of $1.45 billion, a PE ratio of 3.76 and a beta of 1.41. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63.

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