Sphere Entertainment (NYSE:SPHR) Stock Price Down 5.5% - Here's Why

Key Points

• Sphere Entertainment's shares declined by 5.5% to $56.42, with trading volume increasing by 22% from the average.
• Wall Street analysts generally maintain a positive outlook on the stock, with six giving it a "Buy" rating and a consensus target price of $54.00.
• The company's recent earnings report showed a significant EPS of $3.39, exceeding expectations and marking a quarterly revenue increase of 3.4% year-over-year.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s share price dropped 5.5% during mid-day trading on Monday . The stock traded as low as $56.53 and last traded at $56.42. Approximately 1,074,162 shares changed hands during trading, an increase of 22% from the average daily volume of 882,068 shares. The stock had previously closed at $59.71.

Wall Street Analysts Forecast Growth

SPHR has been the subject of several research analyst reports. Guggenheim lifted their target price on shares of Sphere Entertainment from $75.00 to $76.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. Craig Hallum initiated coverage on shares of Sphere Entertainment in a research report on Monday, June 23rd. They set a "buy" rating and a $75.00 target price for the company. Wall Street Zen upgraded shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Morgan Stanley lifted their target price on shares of Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 12th. Finally, The Goldman Sachs Group upped their target price on Sphere Entertainment from $50.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, September 17th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $54.00.

Sphere Entertainment Price Performance

The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36. The firm has a fifty day moving average price of $46.44 and a two-hundred day moving average price of $38.66. The stock has a market capitalization of $2.07 billion, a P/E ratio of -10.91 and a beta of 1.74.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported $3.39 earnings per share for the quarter, beating the consensus estimate of ($1.57) by $4.96. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The firm had revenue of $282.68 million during the quarter, compared to the consensus estimate of $280.23 million. During the same period last year, the company earned ($2.00) earnings per share. The company's revenue was up 3.4% on a year-over-year basis. On average, analysts expect that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Institutional Investors Weigh In On Sphere Entertainment

Large investors have recently bought and sold shares of the business. First Trust Advisors LP boosted its holdings in Sphere Entertainment by 1.6% during the 2nd quarter. First Trust Advisors LP now owns 20,610 shares of the company's stock valued at $861,000 after acquiring an additional 315 shares during the period. GAMMA Investing LLC boosted its holdings in Sphere Entertainment by 95.3% during the 2nd quarter. GAMMA Investing LLC now owns 744 shares of the company's stock valued at $31,000 after acquiring an additional 363 shares during the period. CWM LLC boosted its holdings in Sphere Entertainment by 915.3% during the 2nd quarter. CWM LLC now owns 731 shares of the company's stock valued at $31,000 after acquiring an additional 659 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its holdings in Sphere Entertainment by 12.4% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 6,475 shares of the company's stock valued at $271,000 after acquiring an additional 712 shares during the period. Finally, Empowered Funds LLC boosted its holdings in Sphere Entertainment by 0.4% during the 2nd quarter. Empowered Funds LLC now owns 184,324 shares of the company's stock valued at $7,705,000 after acquiring an additional 809 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Company Profile

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.