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

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

Several research firms have recently commented on SPHR. 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. Bank of America cut their target price on shares of Sphere Entertainment from $45.00 to $43.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 17th. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. 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 report on Thursday, September 19th. Finally, Benchmark reaffirmed a "sell" rating and set a $40.00 target price on shares of Sphere Entertainment in a report on Tuesday, September 3rd.

Sphere Entertainment Stock Down 1.8 %

NYSE SPHR traded down $0.75 on Friday, hitting $40.29. 1,082,746 shares of the company were exchanged, compared to its average volume of 777,373. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. Sphere Entertainment has a 1-year low of $27.02 and a 1-year high of $51.83. The firm has a 50 day moving average of $43.35 and a two-hundred day moving average of $41.42.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, beating the consensus estimate of ($3.32) by $0.37. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The business had revenue of $227.90 million for the quarter, compared to analysts' expectations of $229.86 million. During the same period in the prior year, the firm earned $1.90 earnings per share. Sphere Entertainment's revenue was up 93.1% compared to the same quarter last year. On average, research analysts expect that Sphere Entertainment will post -11.47 EPS for the current year.

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in SPHR. ProShare Advisors LLC acquired a new stake in shares of Sphere Entertainment in the first quarter valued at about $235,000. Vanguard Group Inc. raised its holdings in shares of Sphere Entertainment by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company's stock valued at $137,787,000 after purchasing an additional 17,613 shares during the period. 1832 Asset Management L.P. acquired a new stake in Sphere Entertainment in the 1st quarter valued at about $85,000. Bornite Capital Management LP bought a new position in Sphere Entertainment during the first quarter worth about $9,816,000. Finally, Jericho Capital Asset Management L.P. increased its position in Sphere Entertainment by 4.4% during the first quarter. Jericho Capital Asset Management L.P. now owns 2,542,865 shares of the company's stock worth $124,804,000 after buying an additional 106,651 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

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.