Sphere Entertainment Co. (NYSE:SPHR) Receives $45.83 Average Price Target from Brokerages

Sphere Entertainment Co. (NYSE:SPHR) has been assigned a consensus recommendation of “Hold” from the eight brokerages that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $45.83.

A number of brokerages recently issued reports on SPHR. Morgan Stanley increased 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. Macquarie raised their price objective on shares of Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, August 16th. Guggenheim decreased their price target on Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Benchmark reiterated a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $37.00 to $57.00 in a research note on Friday, August 16th.

Sphere Entertainment Trading Up 2.0 %

SPHR stock opened at $42.23 on Monday. Sphere Entertainment has a 1-year low of $27.02 and a 1-year high of $51.83. The firm has a market cap of $1.49 billion, a P/E ratio of 3.88 and a beta of 1.41. The business’s 50 day moving average is $43.87 and its 200-day moving average is $41.83. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly 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. The firm had revenue of $273.40 million for 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 revenue was up 111.8% compared to the same quarter last year. During the same period in the prior year, the business posted $15.43 earnings per share. Equities analysts anticipate that Sphere Entertainment will post -6.9 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SPHR. Blue Trust Inc. bought a new stake in shares of Sphere Entertainment during the second quarter worth $27,000. National Bank of Canada FI acquired a new position in Sphere Entertainment during the 4th quarter valued at about $46,000. Summit Securities Group LLC bought a new position in shares of Sphere Entertainment in the 2nd quarter valued at about $54,000. Quest Partners LLC acquired a new stake in shares of Sphere Entertainment during the 4th quarter worth approximately $61,000. Finally, 1832 Asset Management L.P. bought a new stake in shares of Sphere Entertainment during the first quarter worth approximately $85,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.