Sphere Entertainment (NYSE:SPHR) Hits New 1-Year Low After Analyst Downgrade

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) hit a new 52-week low during trading 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 $31.56 and last traded at $31.60, with a volume of 1332162 shares. The stock had previously closed at $32.79.

Several other analysts have also issued reports on the stock. Morgan Stanley cut their target price on shares of Sphere Entertainment from $45.00 to $44.00 and set an "equal weight" rating for the company in a research report on Monday, November 11th. Guggenheim lowered their price target on shares of Sphere Entertainment from $49.00 to $48.00 and set a "buy" rating on the stock in a report on Tuesday, November 12th. Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. lowered their price target on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $46.75.

Hedge Funds Weigh In On Sphere Entertainment

Several hedge funds have recently modified their holdings of SPHR. Sterling Capital Management LLC lifted its holdings 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 worth $34,000 after buying an additional 760 shares in the last quarter. Ancora Advisors LLC purchased a new position in shares of Sphere Entertainment in the fourth quarter worth $40,000. Tower Research Capital LLC TRC raised its stake in Sphere Entertainment by 108.1% during the fourth 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 in the last quarter. Blue Trust Inc. raised 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 in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in Sphere Entertainment during the fourth quarter valued at $93,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Sphere Entertainment Trading Down 3.6 %

The company has a market cap of $1.12 billion, a PE ratio of -3.01 and a beta of 1.39. The stock's 50 day moving average is $43.13 and its 200-day moving average is $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.

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