Sphere Entertainment (NYSE:SPHR) Shares Down 6.5%

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on SPHR shares. Macquarie upped their target price on Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, August 16th. Guggenheim dropped their price objective on shares of Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating for the company in a research note on Thursday, June 27th. Benchmark reissued a “sell” rating and issued a $40.00 target price on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $37.00 to $57.00 in a research note on Friday, August 16th. Finally, Morgan Stanley upped their price objective on Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, July 11th. 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’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $45.83.

Sphere Entertainment Stock Performance

The stock has a 50-day moving average of $43.54 and a 200 day moving average of $41.81. The firm has a market capitalization of $1.41 billion, a P/E ratio of 3.67 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 posted its quarterly earnings data 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. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The firm had revenue of $273.40 million during the quarter, compared to analysts’ expectations of $271.28 million. During the same quarter last year, the company posted $15.43 EPS. The company’s quarterly revenue was up 111.8% compared to the same quarter last year. On average, research analysts anticipate that Sphere Entertainment Co. will post -6.9 earnings per share for the current year.

Hedge Funds Weigh In On Sphere Entertainment

Hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. grew its position in Sphere Entertainment by 2.2% in the fourth quarter. Victory Capital Management Inc. now owns 20,851 shares of the company’s stock valued at $708,000 after acquiring an additional 457 shares during the last quarter. National Bank of Canada FI acquired a new stake in shares of Sphere Entertainment during the 4th quarter worth approximately $46,000. Jump Financial LLC bought a new stake in Sphere Entertainment in the fourth quarter valued at $1,633,000. Dimensional Fund Advisors LP increased its position in Sphere Entertainment by 24.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock valued at $52,095,000 after buying an additional 299,931 shares in the last quarter. Finally, Checchi Capital Advisers LLC bought a new stake in shares of Sphere Entertainment during the fourth quarter valued at approximately $608,000. 92.03% of the stock is owned by institutional investors.

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.