Sphere Entertainment (NYSE:SPHR) Stock Falls 5.9% - What's Next?

Key Points

• Sphere Entertainment shares fell 5.9% to about $126.57, with trading volume down 84% from the average session. The stock is below both its 50-day and 200-day moving averages.
• Analysts remain broadly positive, with 12 Buy ratings and two Holds, an overall “Moderate Buy” consensus, and an average price target of $166—roughly 31% above the latest price.
• The company exceeded quarterly expectations, reporting an adjusted loss of $1.07 per share versus estimates of $1.51 and revenue of $313.64 million, up 10.9% year over year. Institutional investors own a substantial 92.03% of outstanding shares.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s share price dropped 5.9% during trading on Thursday. The stock traded as low as $128.08 and last traded at $126.5650. Approximately 120,165 shares changed hands during trading, a decline of 84% from the average session volume of 741,510 shares. The stock had previously closed at $134.44.

Analysts Set New Price Targets

Several research firms have weighed in on SPHR. Seaport Research Partners reiterated a "buy" rating and set a $191.00 target price on shares of Sphere Entertainment in a report on Thursday, August 13th. JPMorgan Chase & Co. lowered their price target on Sphere Entertainment from $165.00 to $164.00 and set an "overweight" rating for the company in a report on Friday, July 31st. BTIG Research reaffirmed a "buy" rating on shares of Sphere Entertainment in a research report on Monday. Weiss Ratings reiterated a "hold (c)" rating on shares of Sphere Entertainment in a report on Friday, September 18th. Finally, Susquehanna boosted their price objective on Sphere Entertainment from $159.00 to $182.00 and gave the company a "positive" rating in a research report on Thursday, June 18th. Twelve analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $166.00.

Sphere Entertainment Stock Performance

The stock has a fifty day simple moving average of $148.57 and a 200-day simple moving average of $141.00. The stock has a market cap of $4.54 billion, a P/E ratio of -47.19 and a beta of 1.62. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.22 and a current ratio of 1.22.

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

Hedge Funds Weigh In On Sphere Entertainment

A number of large investors have recently bought and sold shares of SPHR. Renaissance Technologies LLC boosted its holdings in Sphere Entertainment by 149.9% during the first quarter. Renaissance Technologies LLC now owns 559,935 shares of the company's stock worth $65,736,000 after purchasing an additional 335,900 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Sphere Entertainment by 24.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 523,934 shares of the company's stock worth $61,510,000 after buying an additional 104,192 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Sphere Entertainment during the 2nd quarter worth about $70,402,000. Fred Alger Management LLC boosted its stake in shares of Sphere Entertainment by 370.2% during the 4th quarter. Fred Alger Management LLC now owns 350,846 shares of the company's stock worth $33,358,000 after buying an additional 276,231 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Sphere Entertainment in the 4th quarter valued at about $18,890,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment Company Profile

Sphere Entertainment Co is an entertainment company focused on developing and operating large-scale live experiences, media properties and venues. Its flagship asset is Sphere, a next-generation entertainment venue in Las Vegas featuring a wraparound interior display, immersive audio and experiential programming. Sphere presents concerts, films, sporting events and other productions designed to combine live performance with advanced visual and audio technology.

The company also operates MSG Networks, a regional sports and entertainment media business serving audiences primarily in the New York metropolitan area.

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