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

Sphere Entertainment Co. (NYSE:SPHR) has received a consensus recommendation of “Hold” from the seven brokerages that are covering the company, Marketbeat reports. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $35.60.

Several research firms have issued reports on SPHR. JPMorgan Chase & Co. increased their price objective on Sphere Entertainment from $33.00 to $37.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 6th. Wolfe Research started coverage on shares of Sphere Entertainment in a report on Wednesday, January 17th. They issued a “peer perform” rating for the company. Seaport Res Ptn downgraded shares of Sphere Entertainment from a “buy” rating to a “neutral” rating in a report on Monday, April 8th. Finally, Bank of America assumed coverage on shares of Sphere Entertainment in a report on Wednesday, February 7th. They issued a “neutral” rating and a $43.00 target price for the company.

Insider Buying and Selling

In other Sphere Entertainment news, CEO James Lawrence Dolan bought 110,156 shares of the business’s stock in a transaction on Monday, March 4th. The stock was bought at an average price of $46.88 per share, for a total transaction of $5,164,113.28. Following the completion of the transaction, the chief executive officer now owns 630,195 shares in the company, valued at approximately $29,543,541.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Andrea Greenberg sold 12,131 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $51.00, for a total value of $618,681.00. Following the sale, the chief executive officer now directly owns 76,650 shares in the company, valued at $3,909,150. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Lawrence Dolan bought 110,156 shares of Sphere Entertainment stock in a transaction on Monday, March 4th. The stock was purchased at an average price of $46.88 per share, for a total transaction of $5,164,113.28. Following the completion of the acquisition, the chief executive officer now owns 630,195 shares in the company, valued at approximately $29,543,541.60. The disclosure for this purchase can be found here. Insiders have acquired 245,669 shares of company stock worth $10,706,120 in the last three months. Corporate insiders own 24.46% of the company’s stock.

Institutional Trading of Sphere Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of SPHR. Ariel Investments LLC acquired a new stake in shares of Sphere Entertainment during the third quarter worth $171,186,000. Vanguard Group Inc. purchased a new stake in Sphere Entertainment in the 3rd quarter valued at about $99,941,000. Jericho Capital Asset Management L.P. acquired a new position in shares of Sphere Entertainment during the 3rd quarter valued at about $63,127,000. Gamco Investors INC. ET AL purchased a new position in shares of Sphere Entertainment during the 3rd quarter worth about $32,884,000. Finally, Gabelli Funds LLC acquired a new stake in shares of Sphere Entertainment in the third quarter worth approximately $24,458,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Trading Up 0.5 %

Shares of Sphere Entertainment stock opened at $40.72 on Tuesday. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.21. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of 3.85 and a beta of 1.46. Sphere Entertainment has a 52-week low of $20.68 and a 52-week high of $51.83. The company’s 50-day simple moving average is $44.47 and its 200-day simple moving average is $38.24.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Monday, February 5th. The company reported ($4.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($4.42). Sphere Entertainment had a return on equity of 8.91% and a net margin of 40.36%. The business had revenue of $314.16 million for the quarter, compared to analyst estimates of $303.28 million. During the same quarter in the previous year, the firm posted $2.25 EPS. The business’s revenue for the quarter was up 96.9% on a year-over-year basis. As a group, equities research analysts anticipate that Sphere Entertainment will post -3.89 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.