Sphere Entertainment (NYSE:SPHR) Stock Price Down 2.5% Following Analyst Downgrade

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s share price fell 2.5% during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $57.00 to $54.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Sphere Entertainment traded as low as $36.25 and last traded at $36.61. 190,423 shares were traded during mid-day trading, a decline of 73% from the average session volume of 711,131 shares. The stock had previously closed at $37.55.

A number of other research analysts have also recently commented on SPHR. Morgan Stanley cut their price target on shares of Sphere Entertainment from $45.00 to $44.00 and set an "equal weight" rating on the stock in a report on Monday, November 11th. Macquarie dropped their target price on shares of Sphere Entertainment from $47.00 to $45.00 and set a "neutral" rating on the stock in a research note on Wednesday, November 13th. Finally, Guggenheim decreased their price target on shares of Sphere Entertainment from $49.00 to $48.00 and set a "buy" rating for the company in a research note on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Sphere Entertainment has an average rating of "Hold" and an average target price of $47.38.

Institutional Investors Weigh In On Sphere Entertainment

Several hedge funds have recently modified their holdings of the business. FMR LLC raised its stake in Sphere Entertainment by 76.3% in the third quarter. FMR LLC now owns 110,035 shares of the company's stock worth $4,680,000 after buying an additional 47,635 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of Sphere Entertainment in the 3rd quarter valued at $788,000. Entropy Technologies LP raised its position in shares of Sphere Entertainment by 108.6% in the 4th quarter. Entropy Technologies LP now owns 13,816 shares of the company's stock worth $557,000 after acquiring an additional 7,194 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Sphere Entertainment by 101.6% during the 4th quarter. SG Americas Securities LLC now owns 11,504 shares of the company's stock worth $464,000 after purchasing an additional 5,799 shares during the last quarter. Finally, Zacks Investment Management boosted its position in Sphere Entertainment by 15.3% during the third quarter. Zacks Investment Management now owns 111,687 shares of the company's stock valued at $4,750,000 after purchasing an additional 14,812 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Remove Ads

Sphere Entertainment Price Performance

The company has a market cap of $1.26 billion, a PE ratio of -3.39 and a beta of 1.39. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The firm has a 50 day simple moving average of $43.45 and a 200-day simple moving average of $42.89.

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.