Sphere Entertainment’s (SPHR) Sell Rating Reiterated at Benchmark

Sphere Entertainment (NYSE:SPHR)‘s stock had its “sell” rating restated by Benchmark in a note issued to investors on Monday,Benzinga reports. They currently have a $35.00 price objective on the stock. Benchmark’s price target suggests a potential downside of 10.20% from the stock’s previous close.

A number of other research analysts also recently issued reports on SPHR. The Goldman Sachs Group set a $36.00 target price on shares of Sphere Entertainment and gave the company a “buy” rating in a research report on Friday, April 18th. Susquehanna started coverage on shares of Sphere Entertainment in a research note on Monday, April 28th. They issued a “positive” rating and a $37.00 price objective on the stock. Macquarie lowered their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. 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 research note on Tuesday, March 4th. Finally, Guggenheim raised their price target on Sphere Entertainment from $69.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $45.67.

Sphere Entertainment Price Performance

SPHR stock traded up $0.20 during trading on Monday, hitting $38.98. 168,090 shares of the stock traded hands, compared to its average volume of 810,986. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -3.71 and a beta of 1.51. Sphere Entertainment has a one year low of $23.89 and a one year high of $50.88. 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 $30.20 and a 200 day simple moving average of $37.68.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.48) by $0.21. The firm had revenue of $280.57 million during the quarter, compared to analysts’ expectations of $285.01 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The business’s revenue was down 12.7% on a year-over-year basis. During the same period last year, the firm posted ($1.33) EPS. Equities analysts expect that Sphere Entertainment will post -11.47 EPS for the current fiscal year.

Insider Activity

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 25.08% of the company’s stock.

Institutional Investors Weigh In On Sphere Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions 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 acquired a new stake in Sphere Entertainment during the 4th quarter valued at $40,000. Tower Research Capital LLC TRC boosted its holdings 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 acquiring an additional 681 shares during the period. Blue Trust Inc. grew 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 worth $67,000 after buying an additional 912 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in Sphere Entertainment during the 4th quarter worth approximately $93,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.