Brokerages Set Sphere Entertainment Co. (NYSE:SPHR) Target Price at $40.00

Sphere Entertainment Co. (NYSE:SPHR) has been given an average rating of “Hold” by the eight analysts that are currently covering the stock, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $40.00.

SPHR has been the topic of a number of analyst reports. Morgan Stanley raised 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. Guggenheim reduced their target price on shares of Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Benchmark started coverage on shares of Sphere Entertainment in a research note on Tuesday, July 23rd. They set a “hold” rating on the stock. Finally, Seaport Res Ptn downgraded shares of Sphere Entertainment from a “buy” rating to a “neutral” rating in a research note on Monday, April 8th.

Sphere Entertainment Trading Up 0.6 %

Shares of SPHR opened at $43.08 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.65 and a quick ratio of 0.65. The firm has a 50 day simple moving average of $38.02 and a 200-day simple moving average of $39.96. Sphere Entertainment has a 1-year low of $27.02 and a 1-year high of $51.83. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 3.96 and a beta of 1.41.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SPHR. Blue Trust Inc. acquired a new position in shares of Sphere Entertainment in the 2nd quarter valued at about $27,000. National Bank of Canada FI acquired a new stake in shares of Sphere Entertainment in the 4th quarter worth approximately $46,000. Summit Securities Group LLC bought a new stake in shares of Sphere Entertainment in the 2nd quarter worth approximately $54,000. Citigroup Inc. bought a new stake in shares of Sphere Entertainment in the 3rd quarter worth approximately $59,000. Finally, Quest Partners LLC acquired a new stake in shares of Sphere Entertainment during the fourth quarter valued at approximately $61,000. 92.03% of the stock is owned by institutional investors and hedge funds.

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.