Sphere Entertainment (NYSE:SPHR) Stock Price Breaks Above Fifty Day Moving Average - Time to Sell?

Key Points

• Sphere Entertainment shares rose 3.7% and moved above their 50-day moving average of $123.61, reaching as high as $128.93 before last trading at $126.79.
• Analyst views were mixed, but the consensus rating remained Moderate Buy, with an average price target of $156.60; some firms downgraded the stock or cut their targets.
• The company reported a quarterly loss of $4.84 per share, missing estimates, while revenue of $274.26 million topped expectations and increased 4.5% year over year.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) shares crossed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $123.61 and traded as high as $128.93. Sphere Entertainment shares last traded at $126.79, with a volume of 591,537 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have commented on SPHR shares. Craig Hallum lowered Sphere Entertainment from a "buy" rating to a "hold" rating and set a $132.00 target price for the company. in a report on Monday, October 5th. Weiss Ratings downgraded Sphere Entertainment from a "hold (c)" rating to a "sell (d-)" rating in a report on Friday, October 2nd. The Goldman Sachs Group reaffirmed a "buy" rating and set a $150.00 price objective on shares of Sphere Entertainment in a research report on Friday, November 6th. Piper Sandler reaffirmed an "overweight" rating and set a $145.00 price objective (down from $185.00) on shares of Sphere Entertainment in a research report on Friday, October 23rd. Finally, Wall Street Zen downgraded Sphere Entertainment from a "hold" rating to a "sell" rating in a report on Monday. Eleven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $156.60.

Sphere Entertainment Trading Up 3.7%

The company has a market cap of $4.55 billion, a P/E ratio of -26.86 and a beta of 1.72. The stock's 50-day moving average is $123.61 and its two-hundred day moving average is $130.84. 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 (NYSE:SPHR - Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported ($4.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.66) by ($3.18). The company had revenue of $274.26 million during the quarter, compared to analysts' expectations of $269.71 million. Sphere Entertainment had a negative return on equity of 0.78% and a negative net margin of 11.60%. The company's revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($2.80) EPS. As a group, equities research analysts predict that Sphere Entertainment Co. will post -5.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors and hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. increased its position in Sphere Entertainment by 114.2% during the third quarter. Assenagon Asset Management S.A. now owns 871,484 shares of the company's stock valued at $117,162,000 after acquiring an additional 464,609 shares during the last quarter. Renaissance Technologies LLC boosted its position in Sphere Entertainment by 149.9% in 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. Artemis Investment Management LLP grew its stake in shares of Sphere Entertainment by 118.9% during the 3rd quarter. Artemis Investment Management LLP now owns 447,982 shares of the company's stock valued at $60,227,000 after purchasing an additional 243,376 shares during the period. Principal Financial Group Inc. bought a new stake in shares of Sphere Entertainment during the 1st quarter valued at about $15,196,000. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of 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 valued at $61,510,000 after purchasing an additional 104,192 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Company Profile

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.

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