Shares of Sphere Entertainment Co. (NYSE:SPHR – Get Free Report) were down 2.6% during trading on Tuesday after Bank of America lowered their price target on the stock from $45.00 to $43.00. Bank of America currently has a neutral rating on the stock. Sphere Entertainment traded as low as $40.62 and last traded at $40.69. Approximately 138,724 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 709,534 shares. The stock had previously closed at $41.77.
Other analysts also recently issued research reports about the stock. Morgan Stanley raised their price target on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 11th. JPMorgan Chase & Co. raised shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their price target for the company from $37.00 to $57.00 in a research report on Friday, August 16th. Macquarie raised their price target on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. Benchmark reaffirmed a “sell” rating and set a $40.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Finally, Guggenheim decreased 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 report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $45.83.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. increased its stake in shares of Sphere Entertainment by 2.2% during the fourth quarter. Victory Capital Management Inc. now owns 20,851 shares of the company’s stock worth $708,000 after acquiring an additional 457 shares during the period. National Bank of Canada FI acquired a new position in shares of Sphere Entertainment during the fourth quarter worth about $46,000. Dimensional Fund Advisors LP increased its stake in shares of Sphere Entertainment by 24.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock worth $52,095,000 after acquiring an additional 299,931 shares during the period. Quest Partners LLC acquired a new position in shares of Sphere Entertainment during the fourth quarter worth about $61,000. Finally, Oxford Asset Management LLP acquired a new position in shares of Sphere Entertainment during the fourth quarter worth about $577,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.
Sphere Entertainment Trading Down 1.8 %
The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63. The business’s 50 day moving average price is $43.93 and its 200-day moving average price is $41.81. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 3.76 and a beta of 1.41.
Sphere Entertainment (NYSE:SPHR – Get Free Report) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, topping analysts’ consensus estimates of ($2.47) by $0.47. The firm had revenue of $273.40 million for the quarter, compared to the consensus estimate of $271.28 million. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The firm’s revenue was up 111.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $15.43 earnings per share. Equities analysts forecast that Sphere Entertainment Co. will post -6.9 EPS for the current fiscal year.
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.