Sphere Entertainment (NYSE:SPHR) Stock Rating Lowered by Wall Street Zen

Sphere Entertainment (NYSE:SPHR - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Saturday.

A number of other equities analysts have also recently issued reports on SPHR. Guggenheim upped their price target on shares of Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Morgan Stanley dropped their price target on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 10th. Macquarie dropped their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. The Goldman Sachs Group set a $36.00 price target on shares of Sphere Entertainment and gave the stock a "buy" rating in a research note on Friday, April 18th. Finally, Susquehanna initiated coverage on shares of Sphere Entertainment in a research note on Monday, April 28th. They set a "positive" rating and a $37.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $45.78.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $38.58 on Friday. Sphere Entertainment has a 12 month low of $23.89 and a 12 month high of $50.88. The stock has a market cap of $1.38 billion, a PE ratio of -3.85 and a beta of 1.65. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.24. The company's fifty day moving average price is $33.84 and its 200-day moving average price is $37.15.

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

Hedge Funds Weigh In On Sphere Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sterling Capital Management LLC increased its position in shares of Sphere Entertainment by 826.1% during the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock valued at $34,000 after purchasing an additional 760 shares during the last quarter. Ancora Advisors LLC purchased a new stake in shares of Sphere Entertainment during the 4th quarter valued at about $40,000. Tower Research Capital LLC TRC increased its position in shares of Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after purchasing an additional 681 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Sphere Entertainment during the 4th quarter valued at about $93,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Sphere Entertainment during the 1st quarter valued at about $123,000. Institutional investors own 92.03% of the company's stock.

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.

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