Brokerages Set Sphere Entertainment Co. (NYSE:SPHR) Price Target at $50.71

Shares of Sphere Entertainment Co. (NYSE:SPHR) have received an average rating of “Hold” from the eight brokerages that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $50.71.

A number of equities research analysts have commented on SPHR shares. Morgan Stanley increased their price objective on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, July 11th. Guggenheim raised their price target on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Bank of America lowered their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Tuesday, September 17th. Benchmark reissued a “sell” rating and set a $40.00 target price on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Finally, Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target for the company in a report on Wednesday, October 2nd.

Sphere Entertainment Price Performance

Shares of NYSE SPHR opened at $41.87 on Tuesday. Sphere Entertainment has a 12-month low of $27.02 and a 12-month high of $51.83. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22. The business’s fifty day simple moving average is $44.02 and its 200-day simple moving average is $41.27.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.47) by $0.47. The business had revenue of $273.40 million during the quarter, compared to analysts’ expectations of $271.28 million. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The business’s quarterly revenue was up 111.8% compared to the same quarter last year. During the same quarter last year, the business posted $15.43 EPS. As a group, equities research analysts expect that Sphere Entertainment will post -9.6 EPS for the current year.

Institutional Investors Weigh In On Sphere Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPHR. Ariel Investments LLC increased 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 period. Vanguard Group Inc. increased its stake in Sphere Entertainment by 0.6% in the first quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock valued at $137,787,000 after purchasing an additional 17,613 shares during the period. Jericho Capital Asset Management L.P. raised its holdings in shares of Sphere Entertainment by 4.4% in the first quarter. Jericho Capital Asset Management L.P. now owns 2,542,865 shares of the company’s stock valued at $124,804,000 after buying an additional 106,651 shares during the last quarter. Gamco Investors INC. ET AL boosted its stake in shares of Sphere Entertainment by 7.7% during the first quarter. Gamco Investors INC. ET AL now owns 960,581 shares of the company’s stock worth $47,145,000 after buying an additional 69,001 shares during the period. Finally, Gabelli Funds LLC grew its holdings in shares of Sphere Entertainment by 0.6% during the first quarter. Gabelli Funds LLC now owns 673,826 shares of the company’s stock worth $33,071,000 after buying an additional 3,956 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.