Sphere Entertainment (NYSE:SPHR) Stock Gets Price Target Trim from Morgan Stanley

Sphere Entertainment (NYSE:SPHR) had its target price trimmed by Morgan Stanley from $170.00 to $150.00 in a report issued on Tuesday morning, MarketBeat reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts have also weighed in on the stock. Susquehanna cut their target price on shares of Sphere Entertainment from $182.00 to $158.00 and set a “positive” rating on the stock in a report on Wednesday, October 21st. BTIG Research decreased their price target on shares of Sphere Entertainment from $190.00 to $160.00 and set a “buy” rating for the company in a report on Tuesday, October 6th. JPMorgan Chase & Co. decreased their price target on shares of Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Weiss Ratings cut shares of Sphere Entertainment from a “hold (c)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Sphere Entertainment in a research note on Tuesday, October 6th. Eleven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Sphere Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $160.93.

Sphere Entertainment Stock Performance

SPHR stock opened at $112.88 on Tuesday. The company has a 50 day moving average price of $129.99 and a 200 day moving average price of $130.02. The stock has a market capitalization of $4.05 billion, a PE ratio of -42.12 and a beta of 1.61. Sphere Entertainment has a fifty-two week low of $64.00 and a fifty-two week high of $181.63. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, beating analysts’ consensus estimates of ($1.51) by $0.44. The business had revenue of $313.64 million during the quarter, compared to the consensus estimate of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%. The firm’s revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.39 earnings per share. Analysts forecast that Sphere Entertainment will post -2.67 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Signaturefd LLC raised its holdings in shares of Sphere Entertainment by 204.9% during the third quarter. Signaturefd LLC now owns 186 shares of the company’s stock worth $25,000 after acquiring an additional 125 shares during the period. Polaris Financial Partners bought a new stake in Sphere Entertainment in the 3rd quarter valued at $43,000. Nykredit A S bought a new stake in Sphere Entertainment in the 2nd quarter valued at $79,000. Parallel Advisors LLC lifted its position in Sphere Entertainment by 275.0% in the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock valued at $55,000 after acquiring an additional 341 shares in the last quarter. Finally, Vision Retirement LLC boosted its position in shares of Sphere Entertainment by 38.0% during the first quarter. Vision Retirement LLC now owns 483 shares of the company’s stock worth $57,000 after buying an additional 133 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

About Sphere Entertainment

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences and sports and entertainment programming. Its principal asset is Sphere, a next-generation venue in Las Vegas featuring a large exterior LED display, a high-resolution interior screen, advanced audio technology and immersive production capabilities.

Sphere presents concerts, residencies, films and other experiences, while its Sphere Studios business develops original content and technology for the venue and other immersive applications.