Bank of America Trims Sphere Entertainment (NYSE:SPHR) Target Price to $43.00

Sphere Entertainment (NYSE:SPHR) had its price objective reduced by Bank of America from $45.00 to $43.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages also recently weighed in on SPHR. Guggenheim cut their target price on Sphere Entertainment from $48.00 to $43.00 and set a buy rating on the stock in a research note on Thursday, June 27th. Macquarie boosted their target price on Sphere Entertainment from $38.00 to $47.00 and gave the stock a neutral rating in a research note on Friday, August 16th. Benchmark restated a sell rating and issued a $40.00 target price on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. upgraded Sphere Entertainment from a neutral rating to an overweight rating and boosted their target price for the stock from $37.00 to $57.00 in a research note on Friday, August 16th. Finally, Morgan Stanley upped their price objective on Sphere Entertainment from $42.00 to $45.00 and gave the company an equal weight rating in a research note on Thursday, July 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Sphere Entertainment has an average rating of Hold and a consensus price target of $49.17.

Sphere Entertainment Price Performance

SPHR stock opened at $42.75 on Tuesday. The company has a market capitalization of $1.51 billion, a P/E ratio of 3.93 and a beta of 1.41. 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 52-week low of $27.02 and a 52-week high of $51.83. The business has a 50-day simple moving average of $43.88 and a two-hundred day simple moving average of $41.79.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.47) by $0.47. The business had revenue of $273.40 million during the quarter, compared to the consensus estimate of $271.28 million. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The company’s quarterly revenue was up 111.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $15.43 EPS. Research analysts expect that Sphere Entertainment will post -6.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its holdings in Sphere Entertainment by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,177 shares of the company’s stock valued at $462,000 after acquiring an additional 359 shares during the period. Victory Capital Management Inc. raised its holdings in Sphere Entertainment by 2.2% during the 4th quarter. Victory Capital Management Inc. now owns 20,851 shares of the company’s stock valued at $708,000 after acquiring an additional 457 shares during the period. North Star Investment Management Corp. raised its holdings in Sphere Entertainment by 0.5% during the 1st quarter. North Star Investment Management Corp. now owns 125,620 shares of the company’s stock valued at $6,165,000 after acquiring an additional 620 shares during the period. Blue Trust Inc. bought a new stake in Sphere Entertainment during the 2nd quarter valued at $27,000. Finally, Swiss National Bank raised its holdings in Sphere Entertainment by 1.6% during the 1st quarter. Swiss National Bank now owns 50,159 shares of the company’s stock valued at $2,462,000 after acquiring an additional 800 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.