Sphere Entertainment Co. (NYSE:SPHR) Receives Average Rating of "Hold" from Analysts

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) has received an average recommendation of "Hold" from the eight research firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and three have given a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $50.43.

A number of brokerages have recently weighed in on SPHR. Macquarie reduced their price objective on shares of Sphere Entertainment from $47.00 to $45.00 and set a "neutral" rating for the company in a research note on Wednesday, November 13th. Wolfe Research raised shares of Sphere Entertainment from a "peer perform" rating to an "outperform" rating and set a $60.00 target price for the company in a research report on Wednesday, October 2nd. Bank of America lowered their price target on Sphere Entertainment from $45.00 to $43.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 17th. Finally, Guggenheim lifted their price objective on Sphere Entertainment from $58.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th.

Hedge Funds Weigh In On Sphere Entertainment

Large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its holdings in Sphere Entertainment by 2.0% in the 2nd quarter. Rhumbline Advisers now owns 48,683 shares of the company's stock valued at $1,707,000 after buying an additional 943 shares during the period. Victory Capital Management Inc. increased its stake in Sphere Entertainment by 15.9% in the second quarter. Victory Capital Management Inc. now owns 22,167 shares of the company's stock valued at $777,000 after acquiring an additional 3,033 shares during the period. Renaissance Technologies LLC raised its position in Sphere Entertainment by 134.4% in the second quarter. Renaissance Technologies LLC now owns 332,435 shares of the company's stock worth $11,655,000 after purchasing an additional 190,600 shares in the last quarter. XTX Topco Ltd bought a new position in Sphere Entertainment during the second quarter worth about $235,000. Finally, Garden State Investment Advisory Services LLC acquired a new stake in Sphere Entertainment during the second quarter valued at approximately $416,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment Stock Up 1.2 %

Sphere Entertainment stock traded up $0.50 during mid-day trading on Friday, hitting $41.87. 684,604 shares of the company's stock were exchanged, compared to its average volume of 791,067. Sphere Entertainment has a 1-year low of $29.70 and a 1-year high of $51.83. The stock has a 50 day moving average of $40.28 and a two-hundred day moving average of $42.24. The stock has a market cap of $1.48 billion, a P/E ratio of -3.99 and a beta of 1.37. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($2.95) earnings per share 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 the consensus estimate of $229.86 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The firm's revenue was up 93.1% compared to the same quarter last year. During the same period last year, the business earned $1.90 EPS. As a group, analysts anticipate that Sphere Entertainment will post -11.47 EPS for the current fiscal year.

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.