Sphere Entertainment Co. (NYSE:SPHR) Receives $45.83 Average PT from Brokerages

Sphere Entertainment Co. (NYSE:SPHR) has earned a consensus recommendation of “Hold” from the eight brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, five have given a hold recommendation and two have given a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $45.83.

SPHR has been the subject of a number of research analyst reports. Benchmark restated a “sell” rating and issued a $40.00 target price on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $37.00 to $57.00 in a report on Friday, August 16th. Morgan Stanley lifted their target price on Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 11th. Macquarie boosted their price target 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, 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 report on Thursday, June 27th.

Hedge Funds Weigh In On Sphere Entertainment

A number of institutional investors have recently bought and sold shares of the stock. Ariel Investments LLC lifted its stake in Sphere Entertainment by 8.2% during the second quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock valued at $194,167,000 after buying an additional 419,581 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Sphere Entertainment by 24.3% in 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. Millennium Management LLC boosted its stake in Sphere Entertainment by 356.8% in the 2nd quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock worth $11,753,000 after purchasing an additional 261,857 shares during the period. Bornite Capital Management LP purchased a new position in Sphere Entertainment during the 1st quarter worth approximately $9,816,000. Finally, Renaissance Technologies LLC grew its position in Sphere Entertainment by 134.4% during the 2nd quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock worth $11,655,000 after purchasing an additional 190,600 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Trading Up 2.0 %

Shares of SPHR stock opened at $42.23 on Monday. The firm has a market capitalization of $1.49 billion, a PE ratio of 3.88 and a beta of 1.41. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63. Sphere Entertainment has a 1 year low of $27.02 and a 1 year high of $51.83. The stock has a fifty day moving average of $43.87 and a two-hundred day moving average of $41.81.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, beating the consensus estimate of ($2.47) by $0.47. The firm had revenue of $273.40 million for 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%. Sphere Entertainment’s quarterly revenue was up 111.8% on a year-over-year basis. During the same quarter last year, the company earned $15.43 EPS. As a group, research analysts expect that Sphere Entertainment will post -6.9 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.