Sphere Entertainment (NYSE:SPHR) Shares Down 1.2% Following Analyst Downgrade

Shares of Sphere Entertainment Co. (NYSE:SPHR) traded down 1.2% on Wednesday after Macquarie lowered their price target on the stock from $45.00 to $40.00. Macquarie currently has a neutral rating on the stock. Sphere Entertainment traded as low as $31.01 and last traded at $31.25. 444,153 shares were traded during trading, a decline of 44% from the average session volume of 791,959 shares. The stock had previously closed at $31.64.

SPHR has been the subject of a number of other reports. JPMorgan Chase & Co. reduced their price target on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Guggenheim cut their price target on Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Finally, Morgan Stanley decreased their price objective on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $46.75.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPHR. Sterling Capital Management LLC raised its position in shares of Sphere Entertainment by 826.1% in the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after buying an additional 760 shares during the last quarter. Ancora Advisors LLC purchased a new stake in Sphere Entertainment in the 4th quarter worth approximately $40,000. Tower Research Capital LLC TRC raised its holdings in Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock valued at $53,000 after acquiring an additional 681 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Sphere Entertainment by 149.5% during the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock worth $67,000 after purchasing an additional 912 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Sphere Entertainment during the 4th quarter worth $93,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Down 1.2 %

The firm has a market cap of $1.10 billion, a price-to-earnings ratio of -2.98 and a beta of 1.39. The firm has a fifty day moving average price of $43.13 and a 200-day moving average price of $42.57. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23.

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.