Sphere Entertainment (NYSE:SPHR) Given Sell Rating at Benchmark

Benchmark reiterated their sell rating on shares of Sphere Entertainment (NYSE:SPHR) in a research note released on Tuesday morning, Marketbeat reports. Benchmark currently has a $40.00 target price on the stock.

SPHR has been the topic of a number of other research reports. Guggenheim lowered their price target on Sphere Entertainment from $48.00 to $43.00 and set a buy rating on the stock in a research report on Thursday, June 27th. JPMorgan Chase & Co. upgraded Sphere Entertainment from a neutral rating to an overweight rating and increased their price target for the company from $37.00 to $57.00 in a research note on Friday, August 16th. Macquarie lifted their price objective on shares of Sphere Entertainment from $38.00 to $47.00 and gave the stock a neutral rating in a research report on Friday, August 16th. Finally, Morgan Stanley upped 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $45.83.

Sphere Entertainment Trading Down 4.4 %

NYSE SPHR opened at $44.55 on Tuesday. 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 50 day moving average of $42.84 and a 200-day moving average of $41.73. The company has a market cap of $1.57 billion, a PE ratio of 4.09 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, beating analysts’ consensus estimates of ($2.47) by $0.47. The firm had revenue of $273.40 million during the quarter, compared to analysts’ expectations of $271.28 million. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The company’s revenue for the quarter was up 111.8% compared to the same quarter last year. During the same quarter last year, the company posted $15.43 earnings per share. On average, equities research analysts anticipate that Sphere Entertainment will post -6.6 EPS for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company boosted its holdings in Sphere Entertainment by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,177 shares of the company’s stock valued at $462,000 after purchasing an additional 359 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Sphere Entertainment by 2.2% in the fourth quarter. Victory Capital Management Inc. now owns 20,851 shares of the company’s stock valued at $708,000 after buying an additional 457 shares during the period. North Star Investment Management Corp. grew 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 buying an additional 620 shares in the last quarter. Blue Trust Inc. bought a new position in Sphere Entertainment during the 2nd quarter worth $27,000. Finally, Swiss National Bank raised its holdings in 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 acquiring an additional 800 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.