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

Sphere Entertainment Co. (NYSE:SPHR) shares dropped 5.4% on Monday . The stock traded as low as $155.38 and last traded at $154.9550. 349,055 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 785,747 shares. The stock had previously closed at $163.79.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SPHR shares. Citigroup reissued a “market outperform” rating on shares of Sphere Entertainment in a report on Wednesday, June 17th. 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. Benchmark lifted their target price on Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, June 18th. JPMorgan Chase & Co. lifted their price objective on shares of Sphere Entertainment from $143.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings raised Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $151.15.

Sphere Entertainment Price Performance

The firm has a market cap of $5.46 billion, a price-to-earnings ratio of 86.53 and a beta of 1.61. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33. The company has a 50 day moving average of $144.19 and a 200 day moving average of $120.22.

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

Institutional Trading of Sphere Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in SPHR. Hollencrest Capital Management bought a new position in shares of Sphere Entertainment during the fourth quarter valued at approximately $41,000. Caitong International Asset Management Co. Ltd increased its holdings in Sphere Entertainment by 53.1% during 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 period. Parallel Advisors LLC grew its holdings in shares of Sphere Entertainment by 275.0% during the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock worth $55,000 after purchasing an additional 341 shares during the period. Vision Retirement LLC grew its holdings in Sphere Entertainment by 38.0% in the first quarter. Vision Retirement LLC now owns 483 shares of the company’s stock valued at $57,000 after purchasing an additional 133 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Sphere Entertainment in the 4th quarter worth approximately $48,000. 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.