Sphere Entertainment (NYSE:SPHR) Shares Down 4.2% - Here's What Happened

Key Points

• Sphere Entertainment shares fell 4.2% to approximately $150.71 in thin trading, with volume down 90% from its average.
• Analysts remain broadly positive, with 12 Buy ratings and two Holds producing a “Moderate Buy” consensus; several firms set price targets between $188 and $191.
• The company exceeded quarterly expectations, reporting an adjusted loss of $1.07 per share versus the estimated $1.51 loss and revenue of $313.64 million, up 10.9% year over year.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) shares were down 4.2% during mid-day trading on Thursday . The stock traded as low as $152.21 and last traded at $150.7130. 78,480 shares changed hands during trading, a decline of 90% from the average daily volume of 769,938 shares. The stock had previously closed at $157.40.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. The Goldman Sachs Group raised their price target on Sphere Entertainment from $150.00 to $189.00 and gave the company a "buy" rating in a research note on Wednesday, July 8th. New Street Research set a $188.00 price objective on Sphere Entertainment in a report on Tuesday, July 14th. Seaport Research Partners reissued a "buy" rating and issued a $191.00 target price on shares of Sphere Entertainment in a research note on Thursday, August 13th. Citigroup restated a "market outperform" rating on shares of Sphere Entertainment in a report on Wednesday, June 17th. Finally, BTIG Research reaffirmed a "buy" rating and set a $190.00 price target on shares of Sphere Entertainment in a research report on Monday, August 3rd. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $164.93.

Sphere Entertainment Price Performance

The business has a fifty day moving average of $154.73 and a 200 day moving average of $135.73. The firm has a market cap of $5.38 billion, a P/E ratio of -55.92 and a beta of 1.65. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The firm had revenue of $313.64 million for the quarter, compared to analyst estimates of $307.44 million. During the same quarter in the prior year, the company earned $3.39 earnings per share. The business's revenue for the quarter was up 10.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Sphere Entertainment Co. will post -2.34 earnings per share for the current year.

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently modified their holdings of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Sphere Entertainment in the second quarter valued at about $1,644,000. California State Teachers Retirement System grew its stake in Sphere Entertainment by 16,878.2% in the 2nd quarter. California State Teachers Retirement System now owns 5,136,742 shares of the company's stock valued at $888,810,000 after buying an additional 5,106,487 shares during the last quarter. Odyssean LLC raised its holdings in Sphere Entertainment by 3.8% in the 2nd quarter. Odyssean LLC now owns 11,706 shares of the company's stock valued at $2,025,000 after acquiring an additional 426 shares during the period. TD Waterhouse Canada Inc. raised its holdings in Sphere Entertainment by 31,980.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 19,248 shares of the company's stock valued at $3,467,000 after acquiring an additional 19,188 shares during the period. Finally, Nykredit A S acquired a new stake in Sphere Entertainment during the second quarter worth approximately $79,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Company Profile

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.

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