Sphere Entertainment Co. (NYSE:SPHR) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Sphere Entertainment Co. (NYSE:SPHR) have earned an average recommendation of “Hold” from the eight analysts that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $50.43.

Several equities research analysts have recently commented on SPHR shares. Macquarie cut their price objective on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. Bank of America cut their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. Guggenheim boosted their price objective on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Benchmark reiterated a “sell” rating and issued a $40.00 target price on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Finally, Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a research report on Wednesday, October 2nd.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SPHR. Ariel Investments LLC boosted its holdings in shares of Sphere Entertainment by 8.2% during the second quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock worth $194,167,000 after acquiring an additional 419,581 shares during the period. State Street Corp lifted its holdings in Sphere Entertainment by 1.6% during the 3rd quarter. State Street Corp now owns 632,067 shares of the company’s stock worth $27,925,000 after purchasing an additional 9,749 shares during the last quarter. Geode Capital Management LLC boosted its stake in Sphere Entertainment by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 613,008 shares of the company’s stock valued at $27,088,000 after purchasing an additional 7,434 shares during the period. Systematic Financial Management LP grew its holdings in Sphere Entertainment by 3.0% in the 3rd quarter. Systematic Financial Management LP now owns 371,164 shares of the company’s stock valued at $16,398,000 after buying an additional 10,862 shares in the last quarter. Finally, Millennium Management LLC increased its position in Sphere Entertainment by 356.8% during the 2nd quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock worth $11,753,000 after buying an additional 261,857 shares during the period. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Trading Up 5.2 %

Shares of NYSE:SPHR opened at $38.70 on Wednesday. The company’s 50-day moving average price is $41.68 and its two-hundred day moving average price is $41.66. Sphere Entertainment has a one year low of $29.70 and a one year high of $51.83. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market capitalization of $1.37 billion, a PE ratio of -3.69 and a beta of 1.38.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.32) by $0.37. The business had revenue of $227.90 million for the quarter, compared to analyst estimates of $229.86 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. Sphere Entertainment’s revenue was up 93.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.90 earnings per share. On average, equities analysts forecast that Sphere Entertainment will post -11.47 EPS for the current fiscal 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.