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

Shares of Sphere Entertainment Co. (NYSE:SPHR) have been given an average rating of “Hold” by the eight analysts that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $50.43.

Several brokerages have commented on SPHR. Guggenheim increased their price target on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, September 19th. JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their price target for the company from $37.00 to $57.00 in a report on Friday, August 16th. 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. Benchmark reiterated a “sell” rating and set a $40.00 price target on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Finally, Bank of America lowered their price target on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a report on Tuesday, September 17th.

Sphere Entertainment Trading Up 2.1 %

NYSE:SPHR opened at $41.05 on Friday. The stock’s 50 day moving average price is $43.29 and its 200 day moving average price is $41.45. Sphere Entertainment has a 52 week low of $27.02 and a 52 week high of $51.83. The company has a market capitalization of $1.45 billion, a P/E ratio of -3.91 and a beta of 1.41. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. lifted its position in Sphere Entertainment by 1.2% in the third quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock worth $991,000 after purchasing an additional 271 shares during the period. Covestor Ltd lifted its position in Sphere Entertainment by 3.5% in the third quarter. Covestor Ltd now owns 9,077 shares of the company’s stock worth $401,000 after purchasing an additional 305 shares during the period. The Manufacturers Life Insurance Company lifted its position in Sphere Entertainment by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 13,177 shares of the company’s stock worth $462,000 after purchasing an additional 359 shares during the period. Quent Capital LLC lifted its position in Sphere Entertainment by 15.5% in the third quarter. Quent Capital LLC now owns 4,658 shares of the company’s stock worth $206,000 after purchasing an additional 624 shares during the period. Finally, Blue Trust Inc. bought a new position in Sphere Entertainment in the second quarter worth $27,000. 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.