Sphere Entertainment Co. (NYSE:SPHR) Receives $46.22 Consensus Price Target from Analysts

Shares of Sphere Entertainment Co. (NYSE:SPHR) have received an average rating of “Hold” from the nine ratings firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $45.67.

Several brokerages recently commented on SPHR. Macquarie cut their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. JPMorgan Chase & Co. cut their price target on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th. Morgan Stanley cut their price target on shares of Sphere Entertainment from $45.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, April 10th. Benchmark reissued a “sell” rating and issued a $35.00 price target on shares of Sphere Entertainment in a report on Monday. Finally, The Goldman Sachs Group set a $36.00 price target on shares of Sphere Entertainment and gave the stock a “buy” rating in a report on Friday, April 18th.

Insider Transactions at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 25.08% of the company’s stock.

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds have recently modified their holdings of the company. Sterling Capital Management LLC grew its holdings in shares of Sphere Entertainment by 826.1% in the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after purchasing an additional 760 shares during the period. Ancora Advisors LLC purchased a new stake in shares of Sphere Entertainment in the fourth quarter valued at about $40,000. Tower Research Capital LLC TRC grew its holdings in shares of Sphere Entertainment by 108.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock valued at $53,000 after purchasing an additional 681 shares during the period. Blue Trust Inc. grew its holdings in shares of Sphere Entertainment by 149.5% in the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock valued at $67,000 after purchasing an additional 912 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Sphere Entertainment in the fourth quarter valued at about $93,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

SPHR opened at $39.31 on Friday. 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 firm has a fifty day moving average price of $30.52 and a 200 day moving average price of $37.67. Sphere Entertainment has a 1 year low of $23.89 and a 1 year high of $50.88. The stock has a market cap of $1.41 billion, a P/E ratio of -3.74 and a beta of 1.51.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.48) by $0.21. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The firm had revenue of $280.57 million during the quarter, compared to analysts’ expectations of $285.01 million. During the same period in the previous year, the business posted ($1.33) EPS. The business’s revenue was down 12.7% compared to the same quarter last year. Equities research analysts anticipate that Sphere Entertainment will post -11.47 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.