Guggenheim Raises Sphere Entertainment (NYSE:SPHR) Price Target to $63.00

Sphere Entertainment (NYSE:SPHR) had its price target upped by equities research analysts at Guggenheim from $58.00 to $63.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price objective would suggest a potential upside of 48.10% from the company’s current price.

A number of other research analysts have also issued reports on the company. JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. Macquarie lifted their price objective on shares of Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, August 16th. Bank of America lowered their price objective on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research report on Tuesday. Benchmark reiterated a “sell” rating and set a $40.00 price target on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Finally, Morgan Stanley increased their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Sphere Entertainment presently has an average rating of “Hold” and an average price target of $49.17.

Sphere Entertainment Price Performance

SPHR stock traded up $2.55 during trading on Thursday, reaching $42.54. 941,144 shares of the company were exchanged, compared to its average volume of 714,196. The stock’s 50 day moving average price is $43.90 and its 200 day moving average price is $41.78. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63. The company has a market cap of $1.50 billion, a P/E ratio of 3.92 and a beta of 1.41. Sphere Entertainment has a 52-week low of $27.02 and a 52-week high of $51.83.

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

Institutional Investors Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in SPHR. Ariel Investments LLC raised its stake in shares of Sphere Entertainment by 8.2% in the second quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock worth $194,167,000 after purchasing an additional 419,581 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Sphere Entertainment by 24.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock valued at $52,095,000 after buying an additional 299,931 shares during the period. Millennium Management LLC boosted its holdings in Sphere Entertainment by 356.8% in the 2nd quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock valued at $11,753,000 after purchasing an additional 261,857 shares during the period. Bornite Capital Management LP purchased a new position in Sphere Entertainment during the first quarter worth about $9,816,000. Finally, Renaissance Technologies LLC raised its position in shares of Sphere Entertainment by 134.4% during the 2nd quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock valued at $11,655,000 after buying an additional 190,600 shares in the last quarter. Institutional investors and hedge funds 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.