Sphere Entertainment Co. (NYSE:SPHR) Receives $50.43 Consensus Target Price from Analysts

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

SPHR has been the topic of a number of research analyst reports. Bank of America lowered their price target on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a report on Tuesday, September 17th. Wolfe Research raised shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target for the company in a research report on Wednesday, October 2nd. Benchmark restated a “sell” rating and set a $40.00 price target on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Macquarie dropped their price objective on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 13th. Finally, Guggenheim lifted their target price on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, September 19th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. bought a new position in shares of Sphere Entertainment in the second quarter worth about $27,000. Bank of New York Mellon Corp lifted its holdings in shares of Sphere Entertainment by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 163,099 shares of the company’s stock worth $5,718,000 after acquiring an additional 5,575 shares during the period. GAM Holding AG bought a new position in shares of Sphere Entertainment during the 2nd quarter worth about $421,000. Summit Securities Group LLC acquired a new stake in shares of Sphere Entertainment during the 2nd quarter valued at about $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Sphere Entertainment by 36.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,357 shares of the company’s stock worth $188,000 after buying an additional 1,425 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Trading Up 5.2 %

Shares of NYSE SPHR opened at $38.70 on Wednesday. The business has a fifty day simple moving average of $41.68 and a 200-day simple moving average of $41.63. The company has a market cap of $1.37 billion, a price-to-earnings ratio of -3.69 and a beta of 1.38. Sphere Entertainment has a 12 month low of $29.70 and a 12 month high of $51.83. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, beating the consensus estimate of ($3.32) by $0.37. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The business had revenue of $227.90 million during the quarter, compared to the consensus estimate of $229.86 million. During the same quarter in the prior year, the firm earned $1.90 EPS. The firm’s quarterly revenue was up 93.1% on a year-over-year basis. Sell-side analysts predict that Sphere Entertainment will post -11.47 EPS for the current year.

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.