Sphere Entertainment (NYSE:SPHR) Shares Down 8.2% – Should You Sell?

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SPHR shares. Macquarie boosted their target price on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, August 16th. Wolfe Research raised shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a research note on Wednesday, October 2nd. Morgan Stanley boosted their price objective on Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 11th. Bank of America decreased their target price on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. 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. According to MarketBeat, Sphere Entertainment currently has a consensus rating of “Hold” and an average target price of $50.71.

Sphere Entertainment Price Performance

The firm has a market capitalization of $1.52 billion, a PE ratio of 3.96 and a beta of 1.41. The stock’s 50 day simple moving average is $43.85 and its two-hundred day simple moving average is $41.32. 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 announced its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, topping analysts’ consensus estimates of ($2.47) by $0.47. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The firm had revenue of $273.40 million for the quarter, compared to the consensus estimate of $271.28 million. During the same quarter last year, the business posted $15.43 earnings per share. The firm’s revenue was up 111.8% compared to the same quarter last year. On average, sell-side analysts forecast that Sphere Entertainment Co. will post -9.24 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. O Keefe Stevens Advisory Inc. boosted its position in Sphere Entertainment by 9.7% in the 3rd quarter. O Keefe Stevens Advisory Inc. now owns 187,501 shares of the company’s stock valued at $8,284,000 after buying an additional 16,548 shares during the period. Quent Capital LLC raised its stake in shares of Sphere Entertainment by 15.5% in the third quarter. Quent Capital LLC now owns 4,658 shares of the company’s stock valued at $206,000 after acquiring an additional 624 shares in the last quarter. SG Americas Securities LLC purchased a new position in Sphere Entertainment in the third quarter valued at $252,000. Sanctuary Advisors LLC purchased a new stake in Sphere Entertainment during the 2nd quarter worth about $2,332,000. Finally, Ariadne Wealth Management LP acquired a new stake in Sphere Entertainment in the 2nd quarter valued at about $993,000. 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.