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

Shares of Sphere Entertainment Co. (NYSE:SPHR) have been given a consensus recommendation of “Hold” by the eight analysts that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $50.43.

SPHR has been the subject of several analyst reports. Bank of America cut their target price on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. Macquarie reduced their price objective on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, November 13th. Guggenheim increased their target price on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $37.00 to $57.00 in a research report on Friday, August 16th. Finally, Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research report on Wednesday, October 2nd.

Sphere Entertainment Stock Performance

NYSE SPHR opened at $40.22 on Friday. The firm has a market cap of $1.42 billion, a P/E ratio of -3.83 and a beta of 1.41. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The company’s 50 day moving average is $43.34 and its 200-day moving average is $41.44. Sphere Entertainment has a 12-month low of $27.02 and a 12-month high of $51.83.

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, topping the consensus estimate of ($3.32) by $0.37. The firm had revenue of $227.90 million for the quarter, compared to the consensus estimate of $229.86 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The business’s quarterly revenue was up 93.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.90 earnings per share. Sell-side analysts predict that Sphere Entertainment will post -11.47 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPHR. Ariel Investments LLC raised its position in Sphere Entertainment by 8.2% during the second quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock valued at $194,167,000 after purchasing an additional 419,581 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Sphere Entertainment by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock valued at $137,787,000 after buying an additional 17,613 shares in the last quarter. Jericho Capital Asset Management L.P. lifted its position in Sphere Entertainment by 4.4% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 2,542,865 shares of the company’s stock worth $124,804,000 after buying an additional 106,651 shares during the last quarter. State Street Corp boosted its stake in Sphere Entertainment by 1.6% in the third quarter. State Street Corp now owns 632,067 shares of the company’s stock worth $27,925,000 after buying an additional 9,749 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Sphere Entertainment by 1.2% during the third quarter. Geode Capital Management LLC now owns 613,008 shares of the company’s stock valued at $27,088,000 after acquiring an additional 7,434 shares during the last quarter. 92.03% of the stock is currently 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.