Sphere Entertainment (NYSE:SPHR) Lowered to “Sell” Rating by Wall Street Zen

Wall Street Zen cut shares of Sphere Entertainment (NYSE:SPHR) from a hold rating to a sell rating in a report published on Saturday.

A number of other equities research analysts also recently commented on SPHR. Benchmark reaffirmed a “sell” rating and issued a $35.00 target price on shares of Sphere Entertainment in a research report on Monday, May 19th. Guggenheim lifted their target price on shares of Sphere Entertainment from $69.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. JPMorgan Chase & Co. boosted their price objective on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Wednesday, May 21st. Macquarie cut their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Finally, The Goldman Sachs Group set a $36.00 price objective on shares of Sphere Entertainment and gave the company a “buy” rating in a research report on Friday, April 18th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Sphere Entertainment currently has a consensus rating of “Hold” and a consensus target price of $48.70.

Sphere Entertainment Price Performance

Shares of SPHR opened at $40.86 on Friday. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.24. Sphere Entertainment has a twelve month low of $23.89 and a twelve month high of $50.88. The company has a market capitalization of $1.46 billion, a P/E ratio of -4.08 and a beta of 1.65. The firm has a 50 day moving average of $34.13 and a 200 day moving average of $37.14.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Thursday, May 8th. The company reported ($2.27) EPS for the quarter, topping analysts’ consensus estimates of ($2.48) by $0.21. Sphere Entertainment had a negative net margin of 33.00% and a negative return on equity of 16.78%. The business had revenue of $280.57 million during the quarter, compared to the consensus estimate of $285.01 million. During the same quarter in the previous year, the firm posted ($1.33) EPS. The firm’s revenue was down 12.7% on a year-over-year basis. As a group, equities research analysts anticipate that Sphere Entertainment will post -11.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

A number of institutional investors have recently bought and sold shares of the business. US Bancorp DE increased its stake in Sphere Entertainment by 3.8% in the 4th quarter. US Bancorp DE now owns 7,511 shares of the company’s stock worth $303,000 after buying an additional 276 shares in the last quarter. Boyar Asset Management Inc. increased its stake in Sphere Entertainment by 1.2% in the 4th quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company’s stock worth $1,793,000 after buying an additional 542 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock worth $53,000 after buying an additional 681 shares in the last quarter. Legal & General Group Plc increased its stake in Sphere Entertainment by 2.8% in the 4th quarter. Legal & General Group Plc now owns 26,678 shares of the company’s stock worth $1,076,000 after buying an additional 720 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its stake in Sphere Entertainment by 10.8% in the 4th quarter. Commonwealth Equity Services LLC now owns 7,411 shares of the company’s stock worth $299,000 after buying an additional 721 shares in the last quarter. Hedge funds and other institutional investors 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.