Sphere Entertainment (NYSE:SPHR) Price Target Increased to $63.00 by Analysts at Guggenheim

Sphere Entertainment (NYSE:SPHR) had its target price hoisted by Guggenheim from $58.00 to $63.00 in a research note released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts have also recently issued reports on SPHR. JPMorgan Chase & Co. raised shares of Sphere Entertainment from a neutral rating to an overweight rating and increased their target price for the company from $37.00 to $57.00 in a report on Friday, August 16th. Bank of America lowered their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a neutral rating on the stock in a research report on Tuesday. Benchmark reiterated a sell rating and issued a $40.00 price target on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Morgan Stanley increased their price target on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an equal weight rating in a research report on Thursday, July 11th. Finally, Macquarie increased their price target on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a neutral rating in a research report on Friday, August 16th. One equities 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $49.17.

Sphere Entertainment Trading Up 6.9 %

Shares of Sphere Entertainment stock opened at $42.75 on Thursday. Sphere Entertainment has a 12-month low of $27.02 and a 12-month high of $51.83. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22. The stock has a market cap of $1.51 billion, a PE ratio of 3.93 and a beta of 1.41. The company has a 50-day moving average of $43.88 and a two-hundred day moving average of $41.79.

Sphere Entertainment (NYSE:SPHR) last issued its 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 net margin of 19.54% and a negative return on equity of 9.02%. The company had revenue of $273.40 million during the quarter, compared to analysts’ expectations of $271.28 million. During the same period last year, the company posted $15.43 earnings per share. The firm’s quarterly revenue was up 111.8% compared to the same quarter last year. On average, research analysts anticipate that Sphere Entertainment will post -6.9 EPS for the current fiscal year.

Institutional Trading of Sphere Entertainment

A number of hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its position in Sphere Entertainment by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 13,177 shares of the company’s stock worth $462,000 after acquiring an additional 359 shares during the last quarter. Victory Capital Management Inc. boosted its position in Sphere Entertainment by 2.2% during the fourth quarter. Victory Capital Management Inc. now owns 20,851 shares of the company’s stock worth $708,000 after acquiring an additional 457 shares during the last quarter. North Star Investment Management Corp. boosted its position in Sphere Entertainment by 0.5% during the first quarter. North Star Investment Management Corp. now owns 125,620 shares of the company’s stock worth $6,165,000 after acquiring an additional 620 shares during the last quarter. Blue Trust Inc. acquired a new stake in Sphere Entertainment during the second quarter worth approximately $27,000. Finally, Swiss National Bank boosted its holdings in shares of Sphere Entertainment by 1.6% in the 1st quarter. Swiss National Bank now owns 50,159 shares of the company’s stock valued at $2,462,000 after purchasing an additional 800 shares during the last quarter. Institutional investors and hedge funds 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.