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

Shares of Sphere Entertainment Co. (NYSE:SPHR) have earned a consensus rating of “Hold” from the eight analysts that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $50.71.

Several research analysts have recently weighed in on SPHR shares. Morgan Stanley boosted their price objective on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, July 11th. JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $37.00 to $57.00 in a report on Friday, August 16th. Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research report on Wednesday, October 2nd. 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 note on Tuesday, September 17th. Finally, Guggenheim upped their target price on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, September 19th.

Institutional Trading of Sphere Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of SPHR. Swiss National Bank increased its stake in Sphere Entertainment by 1.6% in the 1st quarter. Swiss National Bank now owns 50,159 shares of the company’s stock worth $2,462,000 after buying an additional 800 shares in the last quarter. QRG Capital Management Inc. purchased a new position in Sphere Entertainment in the 1st quarter worth approximately $203,000. Vanguard Group Inc. boosted its stake in Sphere Entertainment by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock worth $137,787,000 after purchasing an additional 17,613 shares during the period. MADDEN SECURITIES Corp purchased a new stake in Sphere Entertainment during the 3rd quarter valued at approximately $1,237,000. Finally, Empowered Funds LLC lifted its holdings in shares of Sphere Entertainment by 14.9% in the first quarter. Empowered Funds LLC now owns 150,637 shares of the company’s stock worth $7,393,000 after buying an additional 19,539 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Price Performance

Shares of NYSE SPHR opened at $42.02 on Tuesday. Sphere Entertainment has a twelve month low of $27.02 and a twelve month high of $51.83. 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 50 day moving average of $44.17 and a 200 day moving average of $41.22.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.47) by $0.47. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The firm had revenue of $273.40 million for the quarter, compared to the consensus estimate of $271.28 million. During the same period in the prior year, the company posted $15.43 earnings per share. The company’s quarterly revenue was up 111.8% on a year-over-year basis. As a group, equities research analysts predict that Sphere Entertainment will post -9.6 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.