Sphere Entertainment Co. (NYSE:SPHR) Receives $32.25 Average Price Target from Analysts

Sphere Entertainment Co. (NYSE:SPHR) has been assigned a consensus recommendation of “Hold” from the five analysts that are currently covering the company, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating. The average 12 month target price among analysts that have covered the stock in the last year is $32.25.

Several analysts have commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Sphere Entertainment from $28.00 to $33.00 and gave the company a “neutral” rating in a research report on Tuesday. Morgan Stanley upped their price objective on shares of Sphere Entertainment from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Thursday, November 9th. Macquarie upped their price objective on shares of Sphere Entertainment from $25.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, August 25th. Finally, Guggenheim upped their price objective on shares of Sphere Entertainment from $25.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 23rd.

Insider Buying and Selling

In related news, major shareholder Entertainment Co. Sphere sold 8,221,188 shares of the stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $31.20, for a total value of $256,501,065.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 24.46% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds have recently bought and sold shares of the stock. Boyar Asset Management Inc. purchased a new stake in Sphere Entertainment in the 3rd quarter worth approximately $1,769,000. NBC Securities Inc. purchased a new position in shares of Sphere Entertainment during the 3rd quarter valued at approximately $168,000. Nisa Investment Advisors LLC purchased a new position in shares of Sphere Entertainment during the 3rd quarter valued at approximately $91,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Sphere Entertainment during the 3rd quarter valued at approximately $424,000. Finally, Seizert Capital Partners LLC purchased a new position in shares of Sphere Entertainment during the 3rd quarter valued at approximately $754,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Sphere Entertainment Stock Down 0.9 %

NYSE:SPHR opened at $35.69 on Tuesday. The firm has a market cap of $1.24 billion, a PE ratio of 2.05 and a beta of 1.40. The company has a 50-day moving average of $36.04 and a 200 day moving average of $33.24. Sphere Entertainment has a 1-year low of $17.73 and a 1-year high of $43.93. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.05 and a quick ratio of 1.05.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Wednesday, November 8th. The company reported $1.90 EPS for the quarter, beating the consensus estimate of ($2.39) by $4.29. The business had revenue of $118.01 million during the quarter, compared to analyst estimates of $117.30 million. Sphere Entertainment had a net margin of 49.01% and a return on equity of 20.18%. As a group, research analysts anticipate that Sphere Entertainment will post -3.64 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.