Sphere Entertainment (NYSE:SPHR) Stock Rating Cut to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Sphere Entertainment to “sell” from “hold,” while other analysts have recently reduced price targets. Despite this, the broader analyst consensus remains “Moderate Buy,” with a $162.27 target.
• SPHR shares opened at $109.07, well below their 50-day and 200-day moving averages of $133.74 and $140.42, respectively. The stock has traded between $64.00 and $181.63 over the past year.
• Sphere reported a quarterly loss of $1.07 per share, which was better than estimates, and revenue of $313.64 million, up 10.9% year over year. Analysts expect a full-year loss of $2.54 per share, while institutional investors own 92.03% of the company.

Sphere Entertainment (NYSE:SPHR - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday, Wall Street Zen reports.

Other analysts have also recently issued reports about the company. Guggenheim dropped their price objective on Sphere Entertainment from $208.00 to $180.00 and set a "buy" rating for the company in a report on Wednesday, October 14th. Weiss Ratings lowered shares of Sphere Entertainment from a "hold (c)" rating to a "sell (d-)" rating in a research note on Friday, October 2nd. Piper Sandler reaffirmed an "overweight" rating and issued a $145.00 target price (down from $185.00) on shares of Sphere Entertainment in a research note on Friday. The Goldman Sachs Group lifted their price target on shares of Sphere Entertainment from $150.00 to $189.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. Finally, BTIG Research lowered their price target on shares of Sphere Entertainment from $190.00 to $160.00 and set a "buy" rating for the company in a research report on Tuesday, October 6th. Eleven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Sphere Entertainment has an average rating of "Moderate Buy" and a consensus price target of $162.27.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR opened at $109.07 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22. The business's fifty day moving average price is $133.74 and its two-hundred day moving average price is $140.42. Sphere Entertainment has a fifty-two week low of $64.00 and a fifty-two week high of $181.63. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of -40.70 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.51) by $0.44. The company had revenue of $313.64 million during the quarter, compared to analysts' expectations of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%. The business's revenue was up 10.9% on a year-over-year basis. During the same period last year, the business earned $3.39 earnings per share. As a group, analysts predict that Sphere Entertainment will post -2.54 EPS for the current fiscal year.

Institutional Trading of Sphere Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of the company. Signaturefd LLC lifted its position in shares of Sphere Entertainment by 204.9% in the third quarter. Signaturefd LLC now owns 186 shares of the company's stock worth $25,000 after purchasing an additional 125 shares in the last quarter. Polaris Financial Partners bought a new position in Sphere Entertainment in the third quarter valued at $43,000. Nykredit A S acquired a new stake in shares of Sphere Entertainment in the second quarter valued at about $79,000. Parallel Advisors LLC raised 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 acquiring an additional 341 shares in the last quarter. Finally, Vision Retirement LLC boosted its position in Sphere Entertainment by 38.0% during 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 last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

About Sphere Entertainment

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences and sports and entertainment programming. Its principal asset is Sphere, a next-generation venue in Las Vegas featuring a large exterior LED display, a high-resolution interior screen, advanced audio technology and immersive production capabilities.

Sphere presents concerts, residencies, films and other experiences, while its Sphere Studios business develops original content and technology for the venue and other immersive applications.

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