Sphere Entertainment (NYSE:SPHR) Shares Down 5.9% – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR) fell 5.9% during trading on Thursday. The stock traded as low as $128.08 and last traded at $126.5650. Approximately 120,165 shares were traded during trading, a decline of 84% from the average daily volume of 741,510 shares. The stock had previously closed at $134.44.

Wall Street Analyst Weigh In

SPHR has been the topic of several recent analyst reports. Guggenheim boosted their price target on Sphere Entertainment from $193.00 to $208.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. Benchmark increased their price objective on Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Susquehanna raised their target price on shares of Sphere Entertainment from $159.00 to $182.00 and gave the company a “positive” rating in a research note on Thursday, June 18th. New Street Research set a $188.00 target price on shares of Sphere Entertainment in a report on Tuesday, July 14th. Finally, Seaport Research Partners reaffirmed a “buy” rating and set a $191.00 price target on shares of Sphere Entertainment in a research report on Thursday, August 13th. Twelve investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $166.00.

Sphere Entertainment Price Performance

The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.32. The company has a 50 day moving average price of $148.57 and a 200 day moving average price of $141.00. The company has a market capitalization of $4.54 billion, a P/E ratio of -47.19 and a beta of 1.62.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The business had revenue of $313.64 million for the quarter, compared to analyst estimates of $307.44 million. During the same period in the previous year, the firm earned $3.39 EPS. The firm’s revenue was up 10.9% compared to the same quarter last year. On average, equities analysts predict that Sphere Entertainment Co. will post -2.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors and hedge funds have recently modified their holdings of the stock. Sequoia Financial Advisors LLC acquired a new stake in shares of Sphere Entertainment during the 2nd quarter worth about $207,000. Integrated Wealth Concepts LLC acquired a new position in Sphere Entertainment in the 2nd quarter valued at about $255,000. Arizona State Retirement System grew its stake in Sphere Entertainment by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 7,111 shares of the company’s stock valued at $1,230,000 after buying an additional 75 shares during the last quarter. Nykredit A S bought a new position in Sphere Entertainment in the 2nd quarter valued at about $79,000. Finally, Corient Private Wealth LP raised its holdings in Sphere Entertainment by 1.3% in the 2nd quarter. Corient Private Wealth LP now owns 15,930 shares of the company’s stock valued at $2,756,000 after acquiring an additional 198 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

About Sphere Entertainment

Sphere Entertainment Co is an entertainment company focused on developing and operating large-scale live experiences, media properties and venues. Its flagship asset is Sphere, a next-generation entertainment venue in Las Vegas featuring a wraparound interior display, immersive audio and experiential programming. Sphere presents concerts, films, sporting events and other productions designed to combine live performance with advanced visual and audio technology.

The company also operates MSG Networks, a regional sports and entertainment media business serving audiences primarily in the New York metropolitan area.