Sphere Entertainment Co. (NYSE:SPHR) Given Average Recommendation of “Hold” by Brokerages

Sphere Entertainment Co. (NYSE:SPHR) has been assigned an average recommendation of “Hold” from the eight ratings firms that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $50.43.

SPHR has been the subject of a number of research reports. Benchmark restated a “sell” rating and issued a $40.00 target price on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their target price for the company from $37.00 to $57.00 in a research note on Friday, August 16th. Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price for the company in a research note on Wednesday, October 2nd. Guggenheim raised their target price on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Macquarie lowered their target price on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, November 13th.

Sphere Entertainment Stock Up 2.1 %

Shares of NYSE SPHR opened at $41.05 on Friday. The stock has a market cap of $1.45 billion, a PE ratio of -3.91 and a beta of 1.41. The business has a fifty day moving average of $43.29 and a two-hundred day moving average of $41.45. Sphere Entertainment has a 52-week low of $27.02 and a 52-week high of $51.83. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($2.95) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.32) by $0.37. The company had revenue of $227.90 million during the quarter, compared to analysts’ expectations of $229.86 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The business’s revenue was up 93.1% on a year-over-year basis. During the same period last year, the business earned $1.90 earnings per share. As a group, equities research analysts expect that Sphere Entertainment will post -11.47 earnings per share for the current fiscal year.

Institutional Trading of Sphere Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPHR. Blue Trust Inc. acquired a new stake in Sphere Entertainment in the second quarter worth about $27,000. Summit Securities Group LLC acquired a new stake in Sphere Entertainment in the second quarter worth about $54,000. 1832 Asset Management L.P. acquired a new stake in Sphere Entertainment in the first quarter worth about $85,000. Mirae Asset Global Investments Co. Ltd. increased its position in Sphere Entertainment by 46.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company’s stock worth $111,000 after purchasing an additional 810 shares during the period. Finally, Quent Capital LLC grew its position in shares of Sphere Entertainment by 51.8% during the 2nd quarter. Quent Capital LLC now owns 4,034 shares of the company’s stock worth $141,000 after buying an additional 1,376 shares during the period. 92.03% of the stock is currently 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.