Sphere Entertainment Co. (NYSE:SPHR) Given Consensus Rating of “Hold” by Analysts

Sphere Entertainment Co. (NYSE:SPHR) has earned an average recommendation of “Hold” from the eight research firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $50.71.

SPHR has been the subject of a number of research reports. Macquarie boosted their price target on Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. Wolfe Research raised shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price for the company in a research report on Wednesday. Benchmark reaffirmed a “sell” rating and set a $40.00 price target on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Morgan Stanley increased their price objective 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. Finally, JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $37.00 to $57.00 in a report on Friday, August 16th.

Sphere Entertainment Price Performance

SPHR opened at $44.94 on Friday. Sphere Entertainment has a 1 year low of $27.02 and a 1 year high of $51.83. The company’s 50 day simple moving average is $43.76 and its 200 day simple moving average is $41.42. The stock has a market capitalization of $1.59 billion, a PE ratio of 4.13 and a beta of 1.41. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.47) by $0.47. The company had revenue of $273.40 million for the quarter, compared to analyst estimates of $271.28 million. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. Sphere Entertainment’s revenue for the quarter was up 111.8% on a year-over-year basis. During the same quarter last year, the business earned $15.43 EPS. As a group, sell-side analysts expect that Sphere Entertainment will post -9.24 EPS for the current year.

Hedge Funds Weigh In On Sphere Entertainment

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

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.