Weiss Ratings Reaffirms "Sell (D-)" Rating for Sphere Entertainment (NYSE:SPHR)

Key Points

• Weiss Ratings has reaffirmed a "Sell (D-)" rating for Sphere Entertainment, indicating ongoing concerns about the company's stock performance.
• Despite the downgrade, several other analysts, including Goldman Sachs and Craig Hallum, have issued "Buy" ratings with varying price targets, reflecting a mixed outlook on the stock.
• Sphere Entertainment's stock has seen a slight decline, trading down 0.6% to $59.32, with a 52-week price range of $23.89 to $68.00.

Sphere Entertainment (NYSE:SPHR - Get Free Report)'s stock had its "sell (d-)" rating restated by stock analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

A number of other research analysts also recently weighed in on SPHR. The Goldman Sachs Group raised their price target on shares of Sphere Entertainment from $50.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, September 17th. Craig Hallum began coverage on shares of Sphere Entertainment in a research note on Monday, June 23rd. They issued a "buy" rating and a $75.00 target price on the stock. Morgan Stanley raised 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 note on Tuesday, August 12th. Guggenheim raised their target price on shares of Sphere Entertainment from $75.00 to $76.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. Finally, Wall Street Zen upgraded shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $54.88.

Sphere Entertainment Stock Down 0.6%

Shares of Sphere Entertainment stock traded down $0.35 during midday trading on Wednesday, reaching $59.32. 790,422 shares of the company's stock traded hands, compared to its average volume of 1,350,367. The company has a market cap of $2.12 billion, a price-to-earnings ratio of -11.15 and a beta of 1.79. The company's 50 day simple moving average is $50.39 and its 200 day simple moving average is $40.97. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.13. Sphere Entertainment has a 52 week low of $23.89 and a 52 week high of $68.00.

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

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. First Trust Advisors LP lifted its holdings in shares of Sphere Entertainment by 1.6% during the 2nd quarter. First Trust Advisors LP now owns 20,610 shares of the company's stock worth $861,000 after acquiring an additional 315 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Sphere Entertainment by 95.3% during the 2nd quarter. GAMMA Investing LLC now owns 744 shares of the company's stock worth $31,000 after acquiring an additional 363 shares during the period. CWM LLC lifted its holdings in shares of Sphere Entertainment by 915.3% during the 2nd quarter. CWM LLC now owns 731 shares of the company's stock worth $31,000 after acquiring an additional 659 shares during the period. Police & Firemen s Retirement System of New Jersey lifted its holdings in shares of 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 worth $271,000 after acquiring an additional 712 shares during the period. Finally, Empowered Funds LLC lifted its holdings in shares of Sphere Entertainment by 0.4% during the 2nd quarter. Empowered Funds LLC now owns 184,324 shares of the company's stock worth $7,705,000 after acquiring an additional 809 shares during the period. 92.03% of the stock is owned by institutional investors.

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.

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