Macquarie Lowers Sphere Entertainment (NYSE:SPHR) Price Target to $45.00

Sphere Entertainment (NYSE:SPHR) had its target price dropped by analysts at Macquarie from $47.00 to $45.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Macquarie’s price target indicates a potential upside of 11.43% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Bank of America lowered their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a report on Tuesday, September 17th. Guggenheim increased their price target on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a report on Wednesday, October 2nd. Benchmark reissued a “sell” rating and issued a $40.00 target price on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $37.00 to $57.00 in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $50.43.

Sphere Entertainment Price Performance

SPHR stock opened at $40.39 on Wednesday. Sphere Entertainment has a twelve month low of $27.02 and a twelve month high of $51.83. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63. The business’s 50-day simple moving average is $43.54 and its 200 day simple moving average is $41.39.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, topping analysts’ consensus estimates of ($3.32) by $0.37. The company had revenue of $227.90 million during the quarter, compared to the consensus estimate of $229.86 million. Sphere Entertainment had a negative return on equity of 16.26% and a negative net margin of 32.76%. The company’s quarterly revenue was up 93.1% on a year-over-year basis. During the same quarter last year, the company earned $1.90 EPS. Sell-side analysts predict that Sphere Entertainment will post -9.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SPHR. Allspring Global Investments Holdings LLC acquired a new position in Sphere Entertainment in the first quarter worth $255,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Sphere Entertainment by 16.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,303 shares of the company’s stock worth $871,000 after acquiring an additional 2,334 shares during the last quarter. Swiss National Bank grew its holdings in Sphere Entertainment by 1.6% during the 1st quarter. Swiss National Bank now owns 50,159 shares of the company’s stock worth $2,462,000 after acquiring an additional 800 shares during the last quarter. QRG Capital Management Inc. acquired a new stake in Sphere Entertainment in the 1st quarter valued at about $203,000. Finally, ProShare Advisors LLC bought a new position in shares of Sphere Entertainment in the first quarter worth about $235,000. 92.03% of the stock is owned by institutional investors and hedge funds.

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.