Sphere Entertainment (NYSE:SPHR) Stock Price Down 5.4% – Time to Sell?

Sphere Entertainment Co. (NYSE:SPHR) shares were down 5.4% during trading on Monday . The stock traded as low as $155.38 and last traded at $154.9550. Approximately 349,055 shares were traded during trading, a decline of 56% from the average daily volume of 785,747 shares. The stock had previously closed at $163.79.

Analyst Upgrades and Downgrades

SPHR has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their target price on shares of Sphere Entertainment from $143.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. The Goldman Sachs Group raised their price target on shares of Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, April 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $170.00 price objective on shares of Sphere Entertainment in a research note on Wednesday, May 6th. Weiss Ratings upgraded shares of Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Finally, Guggenheim raised their target price on shares of Sphere Entertainment from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Sphere Entertainment presently has an average rating of “Moderate Buy” and a consensus target price of $151.15.

Sphere Entertainment Stock Performance

The firm’s 50-day moving average price is $145.17 and its two-hundred day moving average price is $121.17. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22. The stock has a market cap of $5.37 billion, a price-to-earnings ratio of 85.06 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.27. The firm had revenue of $386.41 million during the quarter, compared to analysts’ expectations of $313.41 million. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. Sphere Entertainment’s revenue was up 37.7% compared to the same quarter last year. During the same period last year, the business earned ($2.27) earnings per share. On average, analysts expect that Sphere Entertainment Co. will post -2.44 EPS for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPHR. Hollencrest Capital Management acquired a new position in Sphere Entertainment in the 4th quarter valued at about $41,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Sphere Entertainment by 53.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after purchasing an additional 156 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Sphere Entertainment in the fourth quarter valued at approximately $48,000. Flagship Harbor Advisors LLC acquired a new position in shares of Sphere Entertainment in the fourth quarter valued at approximately $52,000. Finally, Parallel Advisors LLC increased its stake in Sphere Entertainment by 275.0% during the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock worth $55,000 after buying an additional 341 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

About Sphere Entertainment

Sphere Entertainment Co (NYSE: SPHR) is a publicly traded company focused on the development and operation of large-scale immersive entertainment venues. Established as a standalone entity in early 2023 following its separation from Madison Square Garden Entertainment, Sphere leverages cutting-edge audiovisual technologies to create next-generation concert, film and cultural experiences. The company’s flagship venue in Las Vegas showcases its core capabilities, while additional projects are in various stages of development around the world.

At the Las Vegas Sphere, Sphere Entertainment has installed one of the largest LED display surfaces on the planet, wrapping audiences in 16K resolution imagery and spatial audio powered by proprietary sound systems.