Sphere Entertainment (NYSE:SPHR) Stock Rating Lowered by Wall Street Zen

Sphere Entertainment (NYSE:SPHR) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Monday, Wall Street Zen reports.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. cut their price objective on Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Piper Sandler reaffirmed an “overweight” rating and set a $145.00 target price (down from $185.00) on shares of Sphere Entertainment in a report on Friday, October 23rd. Seaport Research Partners set a $160.00 price target on shares of Sphere Entertainment in a research report on Wednesday, October 7th. The Goldman Sachs Group reiterated a “buy” rating and issued a $150.00 price target on shares of Sphere Entertainment in a research report on Friday. Finally, Guggenheim cut their price target on shares of Sphere Entertainment from $180.00 to $175.00 and set a “buy” rating for the company in a report on Friday, November 6th. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Sphere Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $156.60.

Sphere Entertainment Stock Performance

SPHR opened at $122.57 on Monday. The company has a market capitalization of $4.40 billion, a price-to-earnings ratio of -25.97 and a beta of 1.72. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.17 and a quick ratio of 1.17. Sphere Entertainment has a 1-year low of $73.03 and a 1-year high of $181.63. The business has a 50 day moving average price of $123.75 and a two-hundred day moving average price of $130.69.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($4.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.66) by ($3.18). Sphere Entertainment had a negative net margin of 11.60% and a negative return on equity of 0.78%. The firm had revenue of $274.26 million for the quarter, compared to the consensus estimate of $269.71 million. During the same period in the previous year, the business posted ($2.80) earnings per share. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. Research analysts predict that Sphere Entertainment will post -4.77 EPS for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of the stock. TD Waterhouse Canada Inc. grew its holdings in shares of Sphere Entertainment by 31,980.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 19,248 shares of the company’s stock worth $3,467,000 after acquiring an additional 19,188 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Sphere Entertainment during the second quarter valued at $1,644,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Sphere Entertainment in the 1st quarter valued at $3,621,000. Renaissance Technologies LLC boosted its position 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 purchasing an additional 335,900 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in shares of Sphere Entertainment by 114.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 871,484 shares of the company’s stock valued at $117,162,000 after purchasing an additional 464,609 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

About Sphere Entertainment

Sphere Entertainment Co. is a live entertainment and media company whose businesses include Sphere and MSG Networks. Sphere is a large-scale venue in Las Vegas designed for concerts, films and other events, featuring immersive visuals and sound. The company also operates Sphere Studios, which develops content and technology for the venue and other applications. MSG Networks operates regional sports and entertainment networks serving viewers in the New York metropolitan area. Its programming includes live coverage of professional sports, as well as news and other original content, with related streaming services also available to consumers.