Sphere Entertainment (NYSE:SPHR) Price Target Raised to $47.00 at Macquarie

Sphere Entertainment (NYSE:SPHR) had its price target upped by Macquarie from $38.00 to $47.00 in a research report released on Friday, Benzinga reports. Macquarie currently has a neutral rating on the stock.

Other research analysts have also issued reports about the stock. Guggenheim cut their target price on shares of Sphere Entertainment from $48.00 to $43.00 and set a buy rating for the company in a research report on Thursday, June 27th. JPMorgan Chase & Co. upgraded Sphere Entertainment from a neutral rating to an overweight rating and upped their price objective for the stock from $37.00 to $57.00 in a report on Friday. Benchmark assumed coverage on Sphere Entertainment in a report on Tuesday, July 23rd. They set a hold rating on the stock. Finally, Morgan Stanley upped their target price on Sphere Entertainment from $42.00 to $45.00 and gave the stock an equal weight rating in a research note on Thursday, July 11th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $47.00.

Sphere Entertainment Stock Performance

NYSE:SPHR opened at $49.51 on Friday. The stock has a market cap of $1.75 billion, a P/E ratio of 4.55 and a beta of 1.41. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.21. The business’s 50-day moving average price is $39.92 and its two-hundred day moving average price is $41.11. Sphere Entertainment has a twelve month low of $27.02 and a twelve month high of $51.83.

Sphere Entertainment (NYSE:SPHR) last announced its earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.47) by $0.47. Sphere Entertainment had a net margin of 43.36% and a return on equity of 8.11%. The business had revenue of $273.40 million for the quarter, compared to the consensus estimate of $271.28 million. During the same period last year, the firm posted $15.43 earnings per share. Sphere Entertainment’s quarterly revenue was up 111.8% on a year-over-year basis. As a group, equities analysts predict that Sphere Entertainment will post -4.93 EPS for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

A number of large investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its holdings in shares of Sphere Entertainment by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 13,177 shares of the company’s stock worth $462,000 after purchasing an additional 359 shares during the last quarter. Victory Capital Management Inc. boosted its position in Sphere Entertainment by 2.2% during the 4th quarter. Victory Capital Management Inc. now owns 20,851 shares of the company’s stock valued at $708,000 after buying an additional 457 shares during the period. North Star Investment Management Corp. grew its holdings in Sphere Entertainment by 0.5% in the 1st quarter. North Star Investment Management Corp. now owns 125,620 shares of the company’s stock worth $6,165,000 after acquiring an additional 620 shares during the last quarter. Blue Trust Inc. purchased a new position in shares of Sphere Entertainment in the second quarter valued at about $27,000. Finally, Swiss National Bank raised its stake in shares of Sphere Entertainment by 1.6% during the first quarter. Swiss National Bank now owns 50,159 shares of the company’s stock valued at $2,462,000 after acquiring an additional 800 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.