Sphere Entertainment (NYSE:SPHR) Shares Down 5.4% – Should You Sell?

Sphere Entertainment Co. (NYSE:SPHR) traded down 5.4% during mid-day trading on Monday . The company traded as low as $155.38 and last traded at $154.9550. 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 Ratings Changes

Several equities analysts recently commented on SPHR shares. The Goldman Sachs Group raised their target price on Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. Morgan Stanley restated an “overweight” rating and issued a $170.00 price objective on shares of Sphere Entertainment in a research note on Wednesday, May 6th. Citigroup reissued a “market outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Seaport Research Partners reaffirmed a “buy” rating and set a $173.00 price target on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Finally, JPMorgan Chase & Co. upped their target price on shares of Sphere Entertainment from $143.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $151.15.

Sphere Entertainment Stock Performance

The stock has a fifty day simple moving average of $144.19 and a two-hundred day simple moving average of $120.22. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22. The firm has a market capitalization of $5.46 billion, a P/E ratio of 86.53 and a beta of 1.61.

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

Institutional Investors Weigh In On Sphere Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of SPHR. Hollencrest Capital Management bought a new stake in Sphere Entertainment in the 4th quarter valued at $41,000. Caitong International Asset Management Co. Ltd lifted its stake in 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 buying an additional 156 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Sphere Entertainment during the fourth quarter valued at approximately $48,000. Flagship Harbor Advisors LLC purchased a new position in Sphere Entertainment during the 4th quarter valued at about $52,000. Finally, Parallel Advisors LLC boosted its holdings in Sphere Entertainment by 275.0% during the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock worth $55,000 after buying an additional 341 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.