Sphere Entertainment (NYSE:SPHR) Price Target Lowered to $43.00 at Bank of America

Sphere Entertainment (NYSE:SPHR) had its price objective lowered by Bank of America from $45.00 to $43.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

Other analysts have also recently issued research reports about the stock. Morgan Stanley raised their price objective 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. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a neutral rating to an overweight rating and raised their price objective for the company from $37.00 to $57.00 in a research report on Friday, August 16th. Guggenheim lowered their price objective on shares of Sphere Entertainment from $48.00 to $43.00 and set a buy rating on the stock in a research report on Thursday, June 27th. Benchmark restated a sell rating and set a $40.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Finally, Macquarie raised their price objective on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a neutral rating in a research report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $45.83.

Sphere Entertainment Stock Performance

NYSE SPHR opened at $41.00 on Tuesday. Sphere Entertainment has a 1 year low of $27.02 and a 1 year 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 stock has a market capitalization of $1.45 billion, a PE ratio of 3.76 and a beta of 1.41. The company’s 50 day simple moving average is $43.95 and its two-hundred day simple moving average is $41.79.

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

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in SPHR. Blue Trust Inc. bought a new stake in Sphere Entertainment in the 2nd quarter worth $27,000. Summit Securities Group LLC purchased a new stake in shares of Sphere Entertainment in the 2nd quarter worth about $54,000. Quest Partners LLC purchased a new stake in shares of Sphere Entertainment in the 4th quarter worth about $61,000. 1832 Asset Management L.P. purchased a new stake in shares of Sphere Entertainment in the 1st quarter worth about $85,000. Finally, Quent Capital LLC lifted its position in shares of Sphere Entertainment by 7,717.6% in the 1st quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock worth $130,000 after purchasing an additional 2,624 shares during the period. Institutional investors own 92.03% of the company’s stock.

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.