Sphere Entertainment (NYSE:SPHR) Rating Reiterated by Benchmark

Sphere Entertainment (NYSE:SPHR)‘s stock had its “sell” rating restated by investment analysts at Benchmark in a report released on Tuesday, Marketbeat reports. They currently have a $40.00 target price on the stock. Benchmark’s price objective indicates a potential downside of 9.87% from the stock’s previous close.

SPHR has been the subject of several other research reports. Guggenheim cut their price objective on Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating for the company in a report on Thursday, June 27th. JPMorgan Chase & Co. raised shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $37.00 to $57.00 in a research note on Friday, August 16th. Morgan Stanley lifted their target price on Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, July 11th. Finally, Macquarie boosted their target price on shares of Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Sphere Entertainment presently has an average rating of “Hold” and an average price target of $45.83.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $44.38 on Tuesday. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 4.08 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 has a one year low of $27.02 and a one year high of $51.83. The company’s 50-day moving average is $43.03 and its 200 day moving average is $41.74.

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 the consensus estimate of ($2.47) by $0.47. The company had revenue of $273.40 million during the quarter, compared to the consensus estimate of $271.28 million. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The firm’s quarterly revenue was up 111.8% compared to the same quarter last year. During the same quarter last year, the firm earned $15.43 earnings per share. Sell-side analysts expect that Sphere Entertainment will post -6.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

Large investors have recently bought and sold shares of the business. Blue Trust Inc. bought a new stake in shares of Sphere Entertainment in the 2nd quarter worth about $27,000. National Bank of Canada FI bought a new stake in Sphere Entertainment during the fourth quarter worth approximately $46,000. Summit Securities Group LLC purchased a new stake in Sphere Entertainment during the second quarter valued at approximately $54,000. Quest Partners LLC purchased a new stake in Sphere Entertainment during the fourth quarter valued at approximately $61,000. Finally, 1832 Asset Management L.P. bought a new stake in shares of Sphere Entertainment in the 1st quarter valued at approximately $85,000. Institutional investors own 92.03% of the company’s stock.

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.