Sphere Entertainment Co. (NYSE:SPHR) Receives Average Rating of “Hold” from Analysts

Shares of Sphere Entertainment Co. (NYSE:SPHR) have received an average recommendation of “Hold” from the eight ratings firms that are covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $40.00.

SPHR has been the subject of several analyst reports. Guggenheim reduced their price objective on shares of Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating for the company in a research note on Thursday, June 27th. Seaport Res Ptn downgraded shares of Sphere Entertainment from a “buy” rating to a “neutral” rating in a report on Monday, April 8th. Benchmark initiated coverage on shares of Sphere Entertainment in a report on Tuesday. They issued a “hold” rating on the stock. Finally, Morgan Stanley lifted their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 11th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SPHR. Vanguard Group Inc. bought a new position in shares of Sphere Entertainment during the 3rd quarter worth about $99,941,000. Dimensional Fund Advisors LP boosted its position in shares of Sphere Entertainment by 24.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock valued at $52,095,000 after acquiring an additional 299,931 shares in the last quarter. Bornite Capital Management LP acquired a new stake in shares of Sphere Entertainment during the 1st quarter valued at about $9,816,000. American Century Companies Inc. acquired a new stake in shares of Sphere Entertainment during the 3rd quarter valued at about $7,093,000. Finally, Washington Trust Advisors Inc. acquired a new stake in shares of Sphere Entertainment during the 4th quarter valued at about $6,291,000. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Trading Down 2.3 %

Shares of NYSE:SPHR opened at $42.84 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.21. Sphere Entertainment has a 12-month low of $27.02 and a 12-month high of $51.83. The firm has a fifty day moving average of $37.88 and a two-hundred day moving average of $39.86. The firm has a market capitalization of $1.51 billion, a P/E ratio of 3.93 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Friday, May 10th. The company reported ($1.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.98). Sphere Entertainment had a net margin of 43.36% and a return on equity of 8.11%. The business had revenue of $321.33 million during the quarter, compared to analyst estimates of $324.65 million. During the same period in the previous year, the firm posted ($1.08) EPS. The firm’s revenue for the quarter was up 98.3% on a year-over-year basis. On average, equities analysts expect that Sphere Entertainment will post -4.93 EPS for the current fiscal year.

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.