Sphere Entertainment (NYSE:SPHR) Trading Down 2.5% After Analyst Downgrade

Sphere Entertainment Co. (NYSE:SPHR) shares dropped 2.5% on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $57.00 to $54.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Sphere Entertainment traded as low as $36.25 and last traded at $36.61. Approximately 190,423 shares traded hands during trading, a decline of 73% from the average daily volume of 711,131 shares. The stock had previously closed at $37.55.

Other research analysts have also issued research reports about the company. Macquarie reduced their price target on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, November 13th. Guggenheim reduced their price objective on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Finally, Morgan Stanley decreased their target price on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $47.38.

Institutional Trading of Sphere Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sterling Capital Management LLC increased its stake in shares of Sphere Entertainment by 826.1% in the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after buying an additional 760 shares during the period. Ancora Advisors LLC acquired a new stake in Sphere Entertainment in the fourth quarter worth about $40,000. Tower Research Capital LLC TRC raised its holdings in Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock worth $53,000 after purchasing an additional 681 shares during the last quarter. Blue Trust Inc. raised its holdings in Sphere Entertainment by 149.5% during the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock worth $67,000 after purchasing an additional 912 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in Sphere Entertainment during the 4th quarter valued at about $93,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Stock Up 1.5 %

The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The company has a market cap of $1.35 billion, a P/E ratio of -3.63 and a beta of 1.39. The firm’s 50 day moving average price is $43.51 and its 200-day moving average price is $43.02.

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.