Sphere Entertainment Co. (NYSE:SPHR) Receives $50.43 Consensus Price Target from Analysts

Shares of Sphere Entertainment Co. (NYSE:SPHR) have been given a consensus recommendation of “Hold” by the nine ratings firms that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $47.75.

Several brokerages have recently issued reports on SPHR. Morgan Stanley cut their target price on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, November 11th. Macquarie dropped their price target on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, November 13th. Bank of America cut 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 cut their target price on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Finally, Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a research report on Wednesday, October 2nd.

Institutional Trading of Sphere Entertainment

Hedge funds have recently bought and sold shares of the stock. Assenagon Asset Management S.A. boosted its holdings in shares of Sphere Entertainment by 1,425.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock worth $38,261,000 after purchasing an additional 840,631 shares during the period. Ariel Investments LLC boosted its position in Sphere Entertainment by 8.2% in the 2nd quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock valued at $194,167,000 after buying an additional 419,581 shares during the period. Long Pond Capital LP bought a new position in Sphere Entertainment in the 2nd quarter worth about $12,407,000. Millennium Management LLC lifted its holdings in shares of Sphere Entertainment by 356.8% in the 2nd quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock worth $11,753,000 after buying an additional 261,857 shares during the period. Finally, Renaissance Technologies LLC increased its position in 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 purchasing an additional 190,600 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Down 0.6 %

Shares of SPHR opened at $41.36 on Friday. The firm has a market cap of $1.46 billion, a P/E ratio of -3.94 and a beta of 1.37. Sphere Entertainment has a 1 year low of $29.70 and a 1 year high of $51.83. The stock has a 50 day simple moving average of $40.24 and a two-hundred day simple moving average of $42.33. 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 released its earnings results on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, beating the consensus estimate of ($3.32) by $0.37. The company had revenue of $227.90 million for the quarter, compared to analyst estimates of $229.86 million. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The firm’s quarterly revenue was up 93.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.90 EPS. On average, analysts forecast that Sphere Entertainment will post -11.47 earnings per share for the current fiscal year.

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.