Sphere Entertainment (NYSE:SPHR) Shares Down 2.5% on Analyst Downgrade

Shares of Sphere Entertainment Co. (NYSE:SPHR) 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 changed hands 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.

Other equities research analysts also recently issued reports about the company. Macquarie cut their price target on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 13th. Morgan Stanley dropped their target price on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, November 11th. Finally, Guggenheim reduced their price target on Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $47.38.

Institutional Trading of Sphere Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in SPHR. Jefferies Financial Group Inc. purchased a new stake in Sphere Entertainment in the 4th quarter worth $202,000. Putney Financial Group LLC acquired a new stake in shares of Sphere Entertainment in the fourth quarter valued at about $257,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Sphere Entertainment in the fourth quarter valued at about $93,000. Poehling Capital Management INC. increased its stake in shares of Sphere Entertainment by 104.1% during the fourth quarter. Poehling Capital Management INC. now owns 35,839 shares of the company’s stock worth $1,445,000 after purchasing an additional 18,280 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Sphere Entertainment by 14.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,330 shares of the company’s stock valued at $1,868,000 after buying an additional 5,849 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Trading Down 3.8 %

The company has a fifty day moving average of $43.52 and a 200-day moving average of $43.06. 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 market capitalization of $1.28 billion, a price-to-earnings ratio of -3.44 and a beta of 1.39.

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.