Sphere Entertainment Co. (NYSE:SPHR) Receives Average Rating of “Hold” from Analysts

Sphere Entertainment Co. (NYSE:SPHR) has been assigned an average recommendation of “Hold” from the eight research firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $45.83.

A number of research firms have recently weighed in on SPHR. Morgan Stanley raised their price target on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, July 11th. JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their target price for the company from $37.00 to $57.00 in a report on Friday, August 16th. Macquarie upped their price target on Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Benchmark reissued a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Finally, Guggenheim reduced their target price on Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating for the company in a report on Thursday, June 27th.

Institutional Trading of Sphere Entertainment

Hedge funds have recently added to or reduced their stakes in the business. Swiss National Bank boosted its holdings in Sphere Entertainment by 1.6% in the 1st quarter. Swiss National Bank now owns 50,159 shares of the company’s stock valued at $2,462,000 after purchasing an additional 800 shares during the period. Greenhaven Road Investment Management L.P. lifted its stake in shares of Sphere Entertainment by 18.3% in the fourth quarter. Greenhaven Road Investment Management L.P. now owns 225,000 shares of the company’s stock valued at $7,641,000 after buying an additional 34,789 shares during the period. QRG Capital Management Inc. acquired a new stake in Sphere Entertainment during the first quarter worth about $203,000. Seven Eight Capital LP increased its stake in Sphere Entertainment by 145.1% during the fourth quarter. Seven Eight Capital LP now owns 64,653 shares of the company’s stock valued at $2,196,000 after acquiring an additional 38,271 shares during the period. Finally, Vanguard Group Inc. increased its stake in Sphere Entertainment by 0.6% during the first quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock valued at $137,787,000 after acquiring an additional 17,613 shares during the period. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

Shares of NYSE SPHR opened at $42.23 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63. Sphere Entertainment has a one year low of $27.02 and a one year high of $51.83. The business’s 50-day moving average price is $43.87 and its two-hundred day moving average price is $41.83. The company has a market capitalization of $1.49 billion, a P/E ratio of 3.88 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, beating the consensus estimate of ($2.47) by $0.47. The business had revenue of $273.40 million during the quarter, compared to analysts’ expectations of $271.28 million. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The firm’s quarterly revenue was up 111.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $15.43 EPS. Analysts anticipate that Sphere Entertainment will post -6.9 earnings per share for the current fiscal year.

About Sphere Entertainment

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.