Brokerages Set Sphere Entertainment Co. (NYSE:SPHR) Target Price at $50.43

Shares of Sphere Entertainment Co. (NYSE:SPHR) have received an average recommendation of “Hold” from the eight ratings firms that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $50.43.

A number of equities analysts have recently issued reports on the stock. Guggenheim increased their price objective on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Bank of America dropped their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Tuesday, September 17th. Macquarie decreased their price objective on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price for the company in a report on Wednesday, October 2nd. Finally, Benchmark reaffirmed a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd.

Sphere Entertainment Trading Up 1.6 %

Shares of SPHR opened at $38.42 on Wednesday. The stock’s 50-day moving average price is $41.51 and its 200 day moving average price is $41.69. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -3.66 and a beta of 1.38. Sphere Entertainment has a 12-month low of $29.70 and a 12-month high of $51.83.

Sphere Entertainment (NYSE:SPHR) last released 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 business had revenue of $227.90 million for 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%. Sphere Entertainment’s quarterly revenue was up 93.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.90 earnings per share. As a group, research analysts predict that Sphere Entertainment will post -11.47 earnings per share for the current year.

Hedge Funds Weigh In On Sphere Entertainment

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Blue Trust Inc. bought a new position in shares of Sphere Entertainment in the second quarter valued at about $27,000. Summit Securities Group LLC acquired a new stake in Sphere Entertainment in the 2nd quarter valued at about $54,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of 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 acquiring an additional 810 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Sphere Entertainment during the third quarter worth approximately $187,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Sphere Entertainment by 36.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,357 shares of the company’s stock valued at $188,000 after purchasing an additional 1,425 shares during the last quarter. 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.