Sphere Entertainment (NYSE:SPHR) Research Coverage Started at Benchmark

Benchmark began coverage on shares of Sphere Entertainment (NYSE:SPHR) in a research report report published on Tuesday morning, MarketBeat.com reports. The brokerage issued a hold rating on the stock.

Other analysts have also recently issued reports about the company. Morgan Stanley increased their price objective on Sphere Entertainment from $42.00 to $45.00 and gave the stock an equal weight rating in a research report on Thursday, July 11th. Guggenheim decreased their price objective on Sphere Entertainment from $48.00 to $43.00 and set a buy rating for the company in a research report on Thursday, June 27th. Finally, Seaport Res Ptn cut Sphere Entertainment from a buy rating to a neutral rating in a research report on Monday, April 8th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of Hold and an average price target of $40.00.

Sphere Entertainment Stock Up 0.6 %

Shares of NYSE SPHR opened at $43.08 on Tuesday. Sphere Entertainment has a 52-week low of $27.02 and a 52-week high of $51.83. The business has a 50-day moving average price of $38.02 and a 200 day moving average price of $39.92. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.21. The stock has a market cap of $1.52 billion, a PE ratio of 3.96 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Friday, May 10th. The company reported ($1.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.98). Sphere Entertainment had a return on equity of 8.11% and a net margin of 43.36%. The company had revenue of $321.33 million for the quarter, compared to analyst estimates of $324.65 million. During the same period in the previous year, the business posted ($1.08) earnings per share. The firm’s revenue was up 98.3% compared to the same quarter last year. Equities research analysts forecast that Sphere Entertainment will post -4.93 earnings per share for the current year.

Institutional Trading of Sphere Entertainment

Several hedge funds have recently modified their holdings of SPHR. Blue Trust Inc. purchased a new position in Sphere Entertainment in the 2nd quarter valued at approximately $27,000. National Bank of Canada FI purchased a new position in Sphere Entertainment in the 4th quarter valued at approximately $46,000. Summit Securities Group LLC purchased a new position in Sphere Entertainment in the 2nd quarter valued at approximately $54,000. Citigroup Inc. purchased a new position in Sphere Entertainment in the 3rd quarter valued at approximately $59,000. Finally, Quest Partners LLC purchased a new position in Sphere Entertainment in the 4th quarter valued at approximately $61,000. 92.03% of the stock is 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.