Sphere Entertainment Co. (NYSE:SPHR) Receives $50.43 Average PT from Brokerages

Shares of Sphere Entertainment Co. (NYSE:SPHR) have received a consensus recommendation of “Hold” from the eight research firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $50.43.

Several research firms recently issued reports on SPHR. Guggenheim raised their target price 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. Benchmark reissued a “sell” rating and set a $40.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Bank of America dropped their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Tuesday, September 17th. Macquarie reduced their target price on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. Finally, Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target for the company in a research note on Wednesday, October 2nd.

Institutional Trading of Sphere Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in SPHR. Ariel Investments LLC raised its stake in Sphere Entertainment by 8.2% during the 2nd quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock valued at $194,167,000 after acquiring an additional 419,581 shares in the last quarter. Millennium Management LLC increased its stake in Sphere Entertainment by 356.8% during the 2nd quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock valued at $11,753,000 after buying an additional 261,857 shares during the period. 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 worth $11,655,000 after buying an additional 190,600 shares in the last quarter. Clearline Capital LP acquired a new stake in shares of Sphere Entertainment in the 3rd quarter worth approximately $5,607,000. Finally, Marshall Wace LLP boosted its stake in Sphere Entertainment by 349.1% during the 2nd quarter. Marshall Wace LLP now owns 130,807 shares of the company’s stock valued at $4,586,000 after purchasing an additional 101,682 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Stock Performance

NYSE SPHR opened at $38.70 on Wednesday. The business has a 50 day moving average price of $41.68 and a 200 day moving average price of $41.63. The company has a market capitalization of $1.37 billion, a P/E ratio of -3.69 and a beta of 1.38. Sphere Entertainment has a 1-year low of $29.70 and a 1-year high of $51.83. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.32) by $0.37. The firm had revenue of $227.90 million for the quarter, compared to analyst estimates of $229.86 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. Sphere Entertainment’s revenue was up 93.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.90 EPS. Sell-side analysts expect that Sphere Entertainment will post -11.47 EPS for the current fiscal year.

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.