Sphere Entertainment Co. (NYSE:SPHR) Receives $50.71 Consensus PT from Analysts

Sphere Entertainment Co. (NYSE:SPHR) has been given an average recommendation of “Hold” by the eight brokerages that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $50.71.

A number of brokerages recently commented on SPHR. JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. Guggenheim lifted their target price on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Macquarie lifted their target price on Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. Morgan Stanley lifted their price target on Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, July 11th. Finally, Benchmark reissued a “sell” rating and set a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd.

Sphere Entertainment Stock Performance

NYSE SPHR opened at $42.99 on Friday. 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 12 month low of $27.02 and a 12 month high of $51.83. The stock has a 50 day moving average of $43.82 and a 200-day moving average of $41.33.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The business had revenue of $273.40 million during the quarter, compared to the consensus estimate of $271.28 million. During the same quarter last year, the firm posted $15.43 EPS. The company’s quarterly revenue was up 111.8% on a year-over-year basis. As a group, equities analysts expect that Sphere Entertainment will post -9.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. acquired a new position in Sphere Entertainment in the second quarter valued at approximately $27,000. Summit Securities Group LLC bought a new stake in shares of Sphere Entertainment during the second quarter valued at approximately $54,000. 1832 Asset Management L.P. bought a new stake in shares of Sphere Entertainment during the first quarter valued at approximately $85,000. Quent Capital LLC increased its holdings in shares of Sphere Entertainment by 7,717.6% during the first quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock valued at $130,000 after acquiring an additional 2,624 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Sphere Entertainment by 36.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,357 shares of the company’s stock valued at $188,000 after acquiring an additional 1,425 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

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.