Sphere Entertainment (NYSE:SPHR) Coverage Initiated at Benchmark

Benchmark initiated coverage on shares of Sphere Entertainment (NYSE:SPHR) in a report issued on Tuesday, Marketbeat.com reports. The brokerage issued a hold rating on the stock.

Several other brokerages have also recently commented on SPHR. Morgan Stanley boosted their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an equal weight rating in a research report on Thursday, July 11th. Seaport Res Ptn cut shares of Sphere Entertainment from a buy rating to a neutral rating in a research report on Monday, April 8th. Finally, Guggenheim lowered their price objective on shares of Sphere Entertainment from $48.00 to $43.00 and set a buy rating for the company in a research report on Thursday, June 27th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of Hold and a consensus price target of $40.00.

Sphere Entertainment Price Performance

NYSE:SPHR opened at $42.84 on Tuesday. Sphere Entertainment has a 52 week low of $27.02 and a 52 week high of $51.83. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of 3.93 and a beta of 1.41. The firm’s 50-day simple moving average is $37.88 and its 200 day simple moving average is $39.86. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.65 and a current ratio of 0.65.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Friday, May 10th. The company reported ($1.33) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.98). The firm had revenue of $321.33 million during the quarter, compared to the consensus estimate of $324.65 million. Sphere Entertainment had a net margin of 43.36% and a return on equity of 8.11%. Sphere Entertainment’s quarterly revenue was up 98.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.08) earnings per share. As a group, sell-side analysts predict that Sphere Entertainment will post -4.93 earnings per share for the current year.

Institutional Investors Weigh In On Sphere Entertainment

A number of institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. bought a new stake in shares of Sphere Entertainment in the 3rd quarter valued at $7,093,000. Citigroup Inc. bought a new stake in shares of Sphere Entertainment in the 3rd quarter valued at $59,000. Vanguard Group Inc. bought a new stake in shares of Sphere Entertainment in the 3rd quarter valued at $99,941,000. SG Americas Securities LLC bought a new stake in shares of Sphere Entertainment in the 4th quarter valued at $202,000. Finally, Raymond James & Associates bought a new stake in shares of Sphere Entertainment in the 4th quarter valued at $387,000. 92.03% of the stock is owned by institutional investors.

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.