Macquarie Has Lowered Expectations for Sphere Entertainment (NYSE:SPHR) Stock Price

Sphere Entertainment (NYSE:SPHR - Free Report) had its price target cut by Macquarie from $45.00 to $40.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also recently weighed in on SPHR. JPMorgan Chase & Co. cut their price target on Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday, March 4th. Guggenheim cut their target price on Sphere Entertainment from $49.00 to $48.00 and set a "buy" rating on the stock in a research note on Tuesday, November 12th. Morgan Stanley decreased their price target on Sphere Entertainment from $45.00 to $44.00 and set an "equal weight" rating for the company in a research note on Monday, November 11th. Finally, Benchmark restated a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, Sphere Entertainment currently has a consensus rating of "Hold" and an average target price of $46.75.

Sphere Entertainment Stock Performance

NYSE:SPHR traded down $1.19 during mid-day trading on Tuesday, hitting $31.60. The stock had a trading volume of 1,332,162 shares, compared to its average volume of 792,719. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The company has a 50 day simple moving average of $43.13 and a 200-day simple moving average of $42.57. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of -3.01 and a beta of 1.39. Sphere Entertainment has a 52 week low of $31.56 and a 52 week high of $50.88.

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Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Sterling Capital Management LLC raised its position in Sphere Entertainment by 826.1% in the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after acquiring an additional 760 shares in the last quarter. Ancora Advisors LLC bought a new stake in shares of Sphere Entertainment in the 4th quarter worth approximately $40,000. Tower Research Capital LLC TRC raised its holdings in shares of Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock worth $53,000 after purchasing an additional 681 shares in the last quarter. Blue Trust Inc. lifted its stake in Sphere Entertainment by 149.5% during the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company's stock valued at $67,000 after purchasing an additional 912 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Sphere Entertainment during the fourth quarter worth approximately $93,000. 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.