Sphere Entertainment Co. (NYSE:SPHR) Given Consensus Rating of "Hold" by Analysts

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) has earned a consensus rating of "Hold" from the eight research firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $50.71.

A number of brokerages have weighed in on SPHR. Wolfe Research upgraded Sphere Entertainment from a "peer perform" rating to an "outperform" rating and set a $60.00 price objective for the company in a research note on Wednesday, October 2nd. Guggenheim upped their price target on Sphere Entertainment from $58.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. upgraded Sphere Entertainment from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $37.00 to $57.00 in a research note on Friday, August 16th. Benchmark restated a "sell" rating and set a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Finally, Morgan Stanley upped their price target on Sphere Entertainment from $42.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 11th.

Sphere Entertainment Stock Performance

NYSE SPHR traded down $1.01 on Tuesday, reaching $43.76. The stock had a trading volume of 680,173 shares, compared to its average volume of 743,040. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63. Sphere Entertainment has a 12-month low of $27.02 and a 12-month high of $51.83. The business's 50-day moving average price is $44.68 and its 200 day moving average price is $41.18. The stock has a market cap of $1.55 billion, a P/E ratio of -7.77 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its quarterly earnings data 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. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The company had revenue of $273.40 million during the quarter, compared to analysts' expectations of $271.28 million. During the same quarter in the previous year, the business earned $15.43 earnings per share. The firm's revenue for the quarter was up 111.8% on a year-over-year basis. As a group, equities analysts expect that Sphere Entertainment will post -9.6 earnings per share for the current year.

Institutional Trading of Sphere Entertainment

A number of large investors have recently made changes to their positions in the stock. Swiss National Bank raised its holdings in shares of Sphere Entertainment by 1.6% in the 1st quarter. Swiss National Bank now owns 50,159 shares of the company's stock worth $2,462,000 after purchasing an additional 800 shares during the period. QRG Capital Management Inc. purchased a new stake in shares of Sphere Entertainment during the 1st quarter valued at about $203,000. Vanguard Group Inc. raised its holdings in shares of Sphere Entertainment by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company's stock valued at $137,787,000 after buying an additional 17,613 shares during the period. MADDEN SECURITIES Corp purchased a new stake in shares of Sphere Entertainment during the 3rd quarter valued at about $1,237,000. Finally, Empowered Funds LLC raised its holdings in shares of Sphere Entertainment by 14.9% during the 1st quarter. Empowered Funds LLC now owns 150,637 shares of the company's stock valued at $7,393,000 after buying an additional 19,539 shares during the period. 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.