Brokerages Set Sphere Entertainment Co. (NYSE:SPHR) Price Target at $54.88

Shares of Sphere Entertainment Co. (NYSE:SPHR) have been given a consensus rating of “Hold” by the ten ratings firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $55.1250.

Several analysts have weighed in on the company. Morgan Stanley boosted their price objective on Sphere Entertainment from $35.00 to $40.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 12th. BTIG Research assumed coverage on Sphere Entertainment in a report on Monday, October 6th. They set a “neutral” rating for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Sphere Entertainment in a report on Wednesday, October 8th. Craig Hallum assumed coverage on Sphere Entertainment in a report on Monday, June 23rd. They set a “buy” rating and a $75.00 price objective for the company. Finally, The Goldman Sachs Group boosted their price objective on Sphere Entertainment from $50.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 17th.

Sphere Entertainment Stock Performance

Sphere Entertainment stock opened at $58.65 on Wednesday. The stock has a 50-day simple moving average of $53.00 and a 200 day simple moving average of $42.28. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36. Sphere Entertainment has a 12-month low of $23.89 and a 12-month high of $68.00. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of -11.03 and a beta of 1.79.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Monday, August 11th. The company reported $3.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.57) by $4.96. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The business had revenue of $282.68 million during the quarter, compared to analysts’ expectations of $280.23 million. During the same period in the previous year, the business posted ($2.00) earnings per share. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, research analysts anticipate that Sphere Entertainment will post -11.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC acquired a new position in shares of Sphere Entertainment during the 1st quarter worth about $225,000. Northern Trust Corp grew its position in shares of Sphere Entertainment by 41.2% during the 1st quarter. Northern Trust Corp now owns 523,839 shares of the company’s stock worth $17,140,000 after buying an additional 152,893 shares during the period. Sandler Capital Management acquired a new position in shares of Sphere Entertainment during the 1st quarter worth about $1,701,000. Capital Fund Management S.A. grew its position in shares of Sphere Entertainment by 48.4% during the 1st quarter. Capital Fund Management S.A. now owns 92,277 shares of the company’s stock worth $3,019,000 after buying an additional 30,093 shares during the period. Finally, Atria Wealth Solutions Inc. acquired a new position in shares of Sphere Entertainment during the 1st quarter worth about $279,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.