Guggenheim Increases Sphere Entertainment (NYSE:SPHR) Price Target to $63.00

Sphere Entertainment (NYSE:SPHR) had its price target raised by research analysts at Guggenheim from $58.00 to $63.00 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price target would indicate a potential upside of 53.32% from the stock’s current price.

SPHR has been the topic of a number of other reports. JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. Macquarie increased their price target on Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, August 16th. Benchmark restated a “sell” rating and set a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Bank of America decreased their price objective on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Morgan Stanley boosted their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $49.17.

Sphere Entertainment Trading Down 3.9 %

SPHR opened at $41.09 on Thursday. Sphere Entertainment has a 12 month low of $27.02 and a 12 month high of $51.83. The stock has a fifty day moving average price of $43.83 and a 200-day moving average price of $41.74. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 3.77 and a beta of 1.41. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22.

Sphere Entertainment (NYSE:SPHR) last released its quarterly 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. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The business had revenue of $273.40 million during the quarter, compared to analyst estimates of $271.28 million. During the same period in the prior year, the firm posted $15.43 earnings per share. The company’s quarterly revenue was up 111.8% on a year-over-year basis. As a group, equities research analysts anticipate that Sphere Entertainment will post -6.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

A number of institutional investors have recently bought and sold shares of SPHR. Ariel Investments LLC boosted its holdings in shares of Sphere Entertainment by 8.2% in the 2nd quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock valued at $194,167,000 after acquiring an additional 419,581 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Sphere Entertainment by 24.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock worth $52,095,000 after purchasing an additional 299,931 shares during the period. Millennium Management LLC raised its stake in shares of Sphere Entertainment by 356.8% during the 2nd quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock valued at $11,753,000 after buying an additional 261,857 shares during the last quarter. Bornite Capital Management LP acquired a new position in shares of Sphere Entertainment in the 1st quarter valued at about $9,816,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Sphere Entertainment by 134.4% in the second quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock worth $11,655,000 after buying an additional 190,600 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other 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.