Sphere Entertainment (NYSE:SPHR) Stock Dropped to “Sell” by Wall Street Zen

Wall Street Zen lowered shares of Sphere Entertainment (NYSE:SPHR) from a hold rating to a sell rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

SPHR has been the topic of a number of other research reports. Citigroup restated a “market outperform” rating on shares of Sphere Entertainment in a research note on Tuesday, October 6th. Piper Sandler reissued an “overweight” rating and set a $145.00 target price (down from $185.00) on shares of Sphere Entertainment in a research report on Friday. Guggenheim decreased their price target on Sphere Entertainment from $208.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, October 14th. Susquehanna lowered their price target on Sphere Entertainment from $182.00 to $158.00 and set a “positive” rating for the company in a research report on Wednesday. Finally, The Goldman Sachs Group lifted their price objective on shares of Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Sphere Entertainment presently has an average rating of “Moderate Buy” and a consensus target price of $162.27.

Sphere Entertainment Trading Down 2.3%

NYSE:SPHR opened at $109.07 on Friday. Sphere Entertainment has a 52 week low of $64.00 and a 52 week high of $181.63. The company’s 50 day moving average price is $133.74 and its 200-day moving average price is $140.42. The stock has a market cap of $3.92 billion, a price-to-earnings ratio of -40.70 and a beta of 1.61. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32.

Sphere Entertainment (NYSE:SPHR) last issued 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. The business had revenue of $313.64 million during the quarter, compared to analyst estimates of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%. Sphere Entertainment’s revenue was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.39 EPS. On average, equities research analysts forecast that Sphere Entertainment will post -2.54 earnings per share for the current fiscal year.

Institutional Trading of Sphere Entertainment

A number of hedge funds have recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. grew its stake in Sphere Entertainment by 31,980.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 19,248 shares of the company’s stock valued at $3,467,000 after acquiring an additional 19,188 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Sphere Entertainment in the 2nd quarter worth $1,644,000. Arrowstreet Capital Limited Partnership acquired a new position in Sphere Entertainment in the 1st quarter valued at about $3,621,000. Renaissance Technologies LLC grew its stake in shares of Sphere Entertainment by 149.9% in the 1st quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock valued at $65,736,000 after buying an additional 335,900 shares during the period. Finally, Quantinno Capital Management LP grew its stake in shares of Sphere Entertainment by 84.9% in the 1st quarter. Quantinno Capital Management LP now owns 36,822 shares of the company’s stock valued at $4,323,000 after buying an additional 16,907 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Company Profile

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences and sports and entertainment programming. Its principal asset is Sphere, a next-generation venue in Las Vegas featuring a large exterior LED display, a high-resolution interior screen, advanced audio technology and immersive production capabilities.

Sphere presents concerts, residencies, films and other experiences, while its Sphere Studios business develops original content and technology for the venue and other immersive applications.