Sphere Entertainment (NYSE:SPHR) Shares Gap Down After Earnings Miss

Sphere Entertainment Co. (NYSE:SPHR) shares gapped down prior to trading on Monday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $43.63, but opened at $40.82. Sphere Entertainment shares last traded at $42.16, with a volume of 245,890 shares traded.

The company reported ($3.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.15) by ($1.34). Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%.

Analyst Ratings Changes

Several brokerages recently commented on SPHR. Morgan Stanley dropped their price objective on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. Macquarie decreased their target price on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, November 13th. Finally, Guggenheim cut their price target on Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. One research 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 MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $47.75.

Institutional Trading of Sphere Entertainment

Several institutional investors have recently made changes to their positions in the company. Sterling Capital Management LLC grew its stake in Sphere Entertainment by 826.1% in the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after purchasing an additional 760 shares during the period. Ancora Advisors LLC purchased a new stake in Sphere Entertainment during the fourth quarter worth about $40,000. Tower Research Capital LLC TRC raised its position in Sphere Entertainment by 108.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock worth $53,000 after acquiring an additional 681 shares during the period. Blue Trust Inc. boosted its stake in Sphere Entertainment by 149.5% in the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock valued at $67,000 after acquiring an additional 912 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Sphere Entertainment during the 4th quarter valued at approximately $93,000. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Price Performance

The business’s fifty day moving average is $43.54 and its 200 day moving average is $43.20. The company has a market cap of $1.49 billion, a P/E ratio of -4.02 and a beta of 1.39. The company has a current ratio of 0.56, a quick 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.