Sphere Entertainment (NYSE:SPHR) Price Target Cut to $43.00 by Analysts at Bank of America

Sphere Entertainment (NYSE:SPHR) had its price objective lowered by investment analysts at Bank of America from $45.00 to $43.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s target price suggests a potential upside of 2.97% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Guggenheim decreased their target price on Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Benchmark restated a “sell” rating and set a $40.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Macquarie upped their price objective on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, August 16th. JPMorgan Chase & Co. raised shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $37.00 to $57.00 in a report on Friday, August 16th. Finally, Morgan Stanley upped their price target on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Sphere Entertainment has an average rating of “Hold” and a consensus price target of $45.83.

Sphere Entertainment Trading Down 1.1 %

Shares of Sphere Entertainment stock opened at $41.76 on Tuesday. The firm’s 50 day simple moving average is $43.93 and its two-hundred day simple moving average is $41.81. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 3.83 and a beta of 1.41. Sphere Entertainment has a 12-month low of $27.02 and a 12-month high of $51.83. 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 released its earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The firm had revenue of $273.40 million for the quarter, compared to the consensus estimate of $271.28 million. During the same period in the prior year, the firm earned $15.43 EPS. The firm’s revenue was up 111.8% on a year-over-year basis. Analysts predict that Sphere Entertainment will post -6.9 EPS for the current year.

Institutional Trading of Sphere Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. purchased a new stake in shares of Sphere Entertainment during the 2nd quarter worth about $27,000. Summit Securities Group LLC purchased a new position in Sphere Entertainment during the second quarter worth approximately $54,000. Quest Partners LLC acquired a new stake in Sphere Entertainment in the fourth quarter valued at approximately $61,000. 1832 Asset Management L.P. purchased a new stake in shares of Sphere Entertainment in the first quarter valued at approximately $85,000. Finally, Quent Capital LLC raised its stake in shares of Sphere Entertainment by 7,717.6% during the 1st quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock worth $130,000 after buying an additional 2,624 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.