Sphere Entertainment (NYSE:SPHR) Trading Down 1.2% on Analyst Downgrade

Sphere Entertainment Co. (NYSE:SPHR)’s share price fell 1.2% during mid-day trading on Wednesday after Macquarie lowered their price target on the stock from $45.00 to $40.00. Macquarie currently has a neutral rating on the stock. Sphere Entertainment traded as low as $31.01 and last traded at $31.25. 444,153 shares were traded during mid-day trading, a decline of 44% from the average session volume of 791,959 shares. The stock had previously closed at $31.64.

A number of other research firms also recently commented on SPHR. Benchmark restated a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Guggenheim dropped their price target on Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Morgan Stanley cut their price objective on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, November 11th. Finally, JPMorgan Chase & Co. decreased their target price on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $46.75.

Institutional Investors Weigh In On Sphere Entertainment

Large investors have recently modified their holdings of the stock. Victory Capital Management Inc. lifted its position in Sphere Entertainment by 1.2% during the 3rd quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock worth $991,000 after acquiring an additional 271 shares in the last quarter. US Bancorp DE raised its stake in shares of Sphere Entertainment by 3.8% during the fourth quarter. US Bancorp DE now owns 7,511 shares of the company’s stock valued at $303,000 after purchasing an additional 276 shares during the period. Central Pacific Bank Trust Division lifted its position in shares of Sphere Entertainment by 5.3% during the fourth quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company’s stock worth $401,000 after purchasing an additional 500 shares in the last quarter. Boyar Asset Management Inc. boosted its stake in shares of Sphere Entertainment by 1.2% in the fourth quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company’s stock valued at $1,793,000 after purchasing an additional 542 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in shares of 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 period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -2.98 and a beta of 1.39. The stock’s fifty day moving average is $43.13 and its two-hundred day moving average is $42.57.

Sphere Entertainment Company Profile

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.