Sphere Entertainment Co. (NYSE:SPHR) Receives $50.71 Consensus Price Target from Analysts

Sphere Entertainment Co. (NYSE:SPHR) has been given an average recommendation of “Hold” by the eight research firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $50.71.

SPHR has been the subject of several recent research reports. Macquarie increased their price target on Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. Morgan Stanley increased their price objective on Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, July 11th. Guggenheim boosted their target price on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Benchmark reiterated a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $37.00 to $57.00 in a research note on Friday, August 16th.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $45.26 on Friday. The firm has a market cap of $1.60 billion, a PE ratio of 4.16 and a beta of 1.41. Sphere Entertainment has a 12 month low of $27.02 and a 12 month high of $51.83. The company’s fifty day simple moving average is $43.80 and its 200-day simple moving average is $41.34. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, topping analysts’ consensus estimates 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 company’s quarterly revenue was up 111.8% on a year-over-year basis. During the same period in the prior year, the business posted $15.43 EPS. Equities research analysts expect that Sphere Entertainment will post -9.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. bought a new stake in shares of Sphere Entertainment during the second quarter worth approximately $27,000. Summit Securities Group LLC acquired a new position in Sphere Entertainment in the 2nd quarter valued at $54,000. 1832 Asset Management L.P. bought a new position in Sphere Entertainment during the 1st quarter worth $85,000. Quent Capital LLC lifted its holdings in shares of Sphere Entertainment by 7,717.6% during the first quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock worth $130,000 after buying an additional 2,624 shares in the last quarter. Finally, QRG Capital Management Inc. acquired a new stake in shares of Sphere Entertainment during the first quarter worth $203,000. 92.03% of the stock is owned by 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.