Sphere Entertainment (NYSE:SPHR) Shares Down 8.2% – What’s Next?

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Bank of America reduced their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. Macquarie boosted their price target 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. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $37.00 to $57.00 in a report on Friday, August 16th. Wolfe Research upgraded shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a report on Wednesday, October 2nd. Finally, Guggenheim increased their price target on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Sphere Entertainment currently has an average rating of “Hold” and an average price target of $50.71.

Sphere Entertainment Stock Performance

The firm has a market cap of $1.47 billion, a PE ratio of 3.83 and a beta of 1.41. 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 company has a 50-day simple moving average of $43.82 and a two-hundred day simple moving average of $41.33.

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. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The company had revenue of $273.40 million for the quarter, compared to the consensus estimate of $271.28 million. During the same period in the previous year, the firm earned $15.43 EPS. The firm’s quarterly revenue was up 111.8% on a year-over-year basis. As a group, equities research analysts forecast that Sphere Entertainment Co. will post -9.24 earnings per share for the current year.

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of SPHR. Blue Trust Inc. bought a new position in shares of Sphere Entertainment during the 2nd quarter worth $27,000. Summit Securities Group LLC bought a new stake in shares of Sphere Entertainment in the second quarter valued at approximately $54,000. 1832 Asset Management L.P. bought a new stake in shares of Sphere Entertainment in the first quarter valued at approximately $85,000. Quent Capital LLC lifted its stake in shares of Sphere Entertainment by 7,717.6% during the 1st quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock valued at $130,000 after buying an additional 2,624 shares in the last quarter. Finally, QRG Capital Management Inc. bought a new position in Sphere Entertainment in the 1st quarter worth approximately $203,000. 92.03% of the stock is owned by 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.