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

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

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lifted their price target on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Wednesday, May 21st. Susquehanna began coverage on shares of Sphere Entertainment in a report on Monday, April 28th. They set a “positive” rating and a $37.00 price objective on the stock. Guggenheim lifted their price objective on shares of Sphere Entertainment from $69.00 to $74.00 and gave the company a “buy” rating in a report on Friday, May 9th. Morgan Stanley cut their price objective on shares of Sphere Entertainment from $45.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, April 10th. Finally, Benchmark reissued a “sell” rating and set a $35.00 price objective on shares of Sphere Entertainment in a report on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Sphere Entertainment currently has an average rating of “Hold” and an average price target of $45.78.

Sphere Entertainment Stock Up 0.4%

Shares of NYSE SPHR opened at $38.58 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.53 and a quick ratio of 0.53. The company has a market cap of $1.38 billion, a P/E ratio of -3.85 and a beta of 1.65. Sphere Entertainment has a 1 year low of $23.89 and a 1 year high of $50.88. The firm has a 50-day simple moving average of $33.84 and a two-hundred day simple moving average of $37.13.

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

Institutional Investors Weigh In On Sphere Entertainment

A number of large investors have recently made changes to their positions in SPHR. Sterling Capital Management LLC grew its holdings in shares of Sphere Entertainment by 826.1% during the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after buying an additional 760 shares during the last quarter. Ancora Advisors LLC purchased a new stake in Sphere Entertainment in the fourth quarter valued at $40,000. Tower Research Capital LLC TRC boosted its holdings in Sphere Entertainment by 108.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock valued at $53,000 after purchasing an additional 681 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Sphere Entertainment in the fourth quarter valued at $93,000. Finally, Headlands Technologies LLC purchased a new stake in Sphere Entertainment in the first quarter valued at $123,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

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.