Sphere Entertainment (NYSE:SPHR) Earns Neutral Rating from Macquarie

Macquarie restated their neutral rating on shares of Sphere Entertainment (NYSE:SPHR) in a research note released on Wednesday, Benzinga reports. Macquarie currently has a $47.00 target price on the stock.

Several other research firms also recently commented on SPHR. Benchmark restated a “sell” rating and set a $40.00 price objective on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Guggenheim lifted their price objective on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Wolfe Research upgraded shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a report on Wednesday, October 2nd. Morgan Stanley boosted 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. Finally, JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $37.00 to $57.00 in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $50.71.

Sphere Entertainment Stock Performance

SPHR stock opened at $44.33 on Wednesday. Sphere Entertainment has a twelve month low of $27.02 and a twelve month high of $51.83. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of -7.83 and a beta of 1.41. The business’s fifty day simple moving average is $44.87 and its two-hundred day simple moving average is $41.23. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. acquired a new stake in Sphere Entertainment in the second quarter valued at approximately $27,000. Summit Securities Group LLC purchased a new position in Sphere Entertainment during the 2nd quarter worth $54,000. 1832 Asset Management L.P. purchased a new stake in Sphere Entertainment in the first quarter valued at about $85,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Sphere Entertainment by 46.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company’s stock valued at $111,000 after buying an additional 810 shares during the last quarter. Finally, Quent Capital LLC boosted its holdings in Sphere Entertainment by 7,717.6% in the first quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock worth $130,000 after acquiring an additional 2,624 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.