Sphere Entertainment Co. (NYSE:SPHR) Receives $50.43 Consensus PT from Brokerages

Sphere Entertainment Co. (NYSE:SPHR) has received an average recommendation of “Hold” from the nine research firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $47.75.

Several analysts recently issued reports on SPHR shares. Macquarie cut their price target on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. Guggenheim reduced their price target on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Morgan Stanley decreased their price target on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, November 11th. Finally, Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research note on Wednesday, October 2nd.

Sphere Entertainment Stock Down 1.1 %

Shares of Sphere Entertainment stock opened at $41.45 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. Sphere Entertainment has a 1-year low of $29.70 and a 1-year high of $51.83. The business has a 50-day moving average of $40.20 and a 200-day moving average of $42.33. The company has a market capitalization of $1.47 billion, a PE ratio of -3.95 and a beta of 1.37.

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

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its position in Sphere Entertainment by 76.3% during the 3rd quarter. FMR LLC now owns 110,035 shares of the company’s stock valued at $4,680,000 after purchasing an additional 47,635 shares during the period. Principal Financial Group Inc. bought a new stake in Sphere Entertainment in the third quarter valued at $788,000. Maverick Capital Ltd. bought a new position in shares of Sphere Entertainment during the second quarter worth about $1,494,000. Zacks Investment Management grew its position in shares of Sphere Entertainment by 15.3% during the third quarter. Zacks Investment Management now owns 111,687 shares of the company’s stock worth $4,750,000 after acquiring an additional 14,812 shares during the last quarter. Finally, Barclays PLC lifted its position in Sphere Entertainment by 295.6% in the 3rd quarter. Barclays PLC now owns 66,045 shares of the company’s stock valued at $2,809,000 after purchasing an additional 49,351 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

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.