Sphere Entertainment Co. (NYSE:SPHR) Receives $50.43 Consensus PT from Analysts

Shares of Sphere Entertainment Co. (NYSE:SPHR) have been assigned a consensus recommendation of “Hold” from the nine analysts that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $47.75.

Several brokerages have recently weighed in on SPHR. Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a report on Wednesday, October 2nd. Morgan Stanley dropped their price objective on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. Macquarie dropped their price objective on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 13th. Finally, Guggenheim dropped their price objective on Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers grew its holdings in Sphere Entertainment by 10.6% during the 2nd quarter. Rhumbline Advisers now owns 67,303 shares of the company’s stock worth $2,304,000 after acquiring an additional 6,466 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Sphere Entertainment by 15.9% during the 2nd quarter. Victory Capital Management Inc. now owns 22,167 shares of the company’s stock worth $777,000 after purchasing an additional 3,033 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Sphere Entertainment by 48.6% during the 2nd quarter. Federated Hermes Inc. now owns 569,884 shares of the company’s stock worth $19,507,000 after buying an additional 186,475 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Sphere Entertainment by 134.4% during the 2nd quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock worth $11,655,000 after acquiring an additional 190,600 shares during the period. Finally, XTX Topco Ltd acquired a new position in Sphere Entertainment during the 2nd quarter worth approximately $379,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

NYSE SPHR opened at $41.40 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The business has a 50-day moving average price of $40.09 and a 200-day moving average price of $42.37. Sphere Entertainment has a twelve month low of $30.03 and a twelve month high of $51.83.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, topping analysts’ consensus estimates of ($3.32) by $0.37. The company 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 for the quarter was up 93.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.90 earnings per share. Equities analysts predict that Sphere Entertainment will post -11.47 earnings per share for the current year.

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.