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

Shares of Sphere Entertainment Co. (NYSE:SPHR) have earned a consensus rating of “Hold” from the eight ratings firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $50.43.

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

Institutional Investors Weigh In On Sphere Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MADDEN SECURITIES Corp purchased a new position in Sphere Entertainment during the 3rd quarter valued at about $1,237,000. Quest Partners LLC increased its holdings in Sphere Entertainment by 98,992.3% during the third quarter. Quest Partners LLC now owns 12,882 shares of the company’s stock valued at $569,000 after buying an additional 12,869 shares during the period. Evergreen Capital Management LLC bought a new position in Sphere Entertainment in the second quarter worth approximately $1,397,000. GAM Holding AG purchased a new stake in Sphere Entertainment during the second quarter worth $421,000. Finally, Nkcfo LLC bought a new stake in Sphere Entertainment during the 2nd quarter valued at $561,000. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Down 0.1 %

Sphere Entertainment stock opened at $38.03 on Wednesday. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of -3.62 and a beta of 1.38. Sphere Entertainment has a 1-year low of $29.70 and a 1-year high of $51.83. The firm’s fifty day moving average price is $42.04 and its two-hundred day moving average price is $41.69. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly 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 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 quarterly revenue was up 93.1% compared to the same quarter last year. During the same period last year, the company posted $1.90 earnings per share. On average, equities research analysts predict that Sphere Entertainment will post -11.47 earnings per share 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.