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

Wall Street Zen lowered shares of Sphere Entertainment (NYSE:SPHR - Free Report) from a hold rating to a sell rating in a research note issued to investors on Saturday.

Several other research firms also recently commented on SPHR. Macquarie dropped their target price on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. Morgan Stanley lowered their price target on Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating for the company in a research report on Thursday, April 10th. JPMorgan Chase & Co. increased their price objective on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Wednesday, May 21st. The Goldman Sachs Group set a $36.00 target price on shares of Sphere Entertainment and gave the stock a "buy" rating in a report on Friday, April 18th. Finally, Benchmark reiterated a "sell" rating and set a $35.00 price target on shares of Sphere Entertainment in a report on Monday, May 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $48.70.

Sphere Entertainment Stock Down 0.0%

SPHR stock traded down $0.01 during midday trading on Friday, hitting $40.86. The stock had a trading volume of 779,275 shares, compared to its average volume of 812,288. The business has a 50-day moving average of $34.13 and a two-hundred day moving average of $37.14. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.53 and a quick ratio of 0.53. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of -4.08 and a beta of 1.65. Sphere Entertainment has a 52-week low of $23.89 and a 52-week high of $50.88.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.48) by $0.21. Sphere Entertainment had a negative net margin of 33.00% and a negative return on equity of 16.78%. The company had revenue of $280.57 million during the quarter, compared to analyst estimates of $285.01 million. During the same period last year, the business earned ($1.33) EPS. Sphere Entertainment's quarterly revenue was down 12.7% compared to the same quarter last year. As a group, equities research analysts forecast that Sphere Entertainment will post -11.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds have recently modified their holdings of the business. Rhumbline Advisers increased its holdings in Sphere Entertainment by 3.1% in the 4th quarter. Rhumbline Advisers now owns 47,392 shares of the company's stock worth $1,911,000 after acquiring an additional 1,435 shares in the last quarter. Handelsbanken Fonder AB purchased a new stake in shares of Sphere Entertainment in the fourth quarter worth $254,000. Concurrent Investment Advisors LLC raised its position in shares of Sphere Entertainment by 18.2% during the 4th quarter. Concurrent Investment Advisors LLC now owns 5,793 shares of the company's stock valued at $234,000 after purchasing an additional 893 shares during the period. US Bancorp DE lifted its stake in shares of Sphere Entertainment by 3.8% during the 4th quarter. US Bancorp DE now owns 7,511 shares of the company's stock valued at $303,000 after buying an additional 276 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Sphere Entertainment by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 224,282 shares of the company's stock valued at $9,043,000 after buying an additional 4,490 shares in the last quarter. Institutional investors own 92.03% of the company's stock.

About Sphere Entertainment

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.