Sphere Entertainment (NYSE:SPHR) Earns Hold Rating from Analysts at Benchmark

Benchmark began coverage on shares of Sphere Entertainment (NYSE:SPHR) in a report issued on Tuesday morning, Marketbeat.com reports. The brokerage issued a hold rating on the stock.

A number of other research firms have also recently weighed in on SPHR. Seaport Res Ptn cut Sphere Entertainment from a buy rating to a neutral rating in a report on Monday, April 8th. Guggenheim lowered their price objective on shares of Sphere Entertainment from $48.00 to $43.00 and set a buy rating on the stock in a research note on Thursday, June 27th. Finally, Morgan Stanley raised 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 note on Thursday, July 11th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $40.00.

Sphere Entertainment Stock Performance

SPHR opened at $42.84 on Tuesday. The business’s 50 day moving average is $37.88 and its 200-day moving average is $39.86. The stock has a market cap of $1.51 billion, a PE ratio of 3.93 and a beta of 1.41. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21. Sphere Entertainment has a twelve month low of $27.02 and a twelve month high of $51.83.

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

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CenterStar Asset Management LLC purchased a new position in Sphere Entertainment during the 4th quarter worth approximately $755,000. Carnegie Capital Asset Management LLC acquired a new stake in shares of Sphere Entertainment during the 4th quarter valued at $4,734,000. Swiss National Bank boosted its stake in shares of Sphere Entertainment by 1.6% during the 1st quarter. Swiss National Bank now owns 50,159 shares of the company’s stock valued at $2,462,000 after buying an additional 800 shares during the period. Greenhaven Road Investment Management L.P. lifted its stake in shares of Sphere Entertainment by 18.3% in the 4th quarter. Greenhaven Road Investment Management L.P. now owns 225,000 shares of the company’s stock valued at $7,641,000 after purchasing an additional 34,789 shares during the last quarter. Finally, American Century Companies Inc. acquired a new stake in shares of Sphere Entertainment in the 3rd quarter valued at $7,093,000. 92.03% of the stock is currently owned by hedge funds and other 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.