Sphere Entertainment (NYSE:SPHR) Downgraded by Craig Hallum to "Hold"

Key Points

• Craig Hallum downgraded Sphere Entertainment from “Buy” to “Hold” and set a $132 price target, implying approximately 2.9% upside from the reported share price.
• Despite the downgrade, broader analyst sentiment remains positive: Sphere has a consensus “Moderate Buy” rating and an average price target of $168.29, with 11 Buy, two Hold, and one Sell ratings.
• The company reported quarterly revenue of $313.64 million, up 10.9% year over year and above estimates, while adjusted earnings per share came in at a loss of $1.07, better than the expected loss of $1.51.

Sphere Entertainment (NYSE:SPHR - Get Free Report) was downgraded by equities research analysts at Craig Hallum from a "buy" rating to a "hold" rating in a report issued on Monday, Marketbeat.com reports. They currently have a $132.00 price objective on the stock. Craig Hallum's price target indicates a potential upside of 2.91% from the company's current price.

Other research analysts have also issued research reports about the stock. Piper Sandler began coverage on shares of Sphere Entertainment in a report on Thursday, August 20th. They issued an "overweight" rating and a $185.00 price objective for the company. Susquehanna increased their price target on Sphere Entertainment from $159.00 to $182.00 and gave the stock a "positive" rating in a report on Thursday, June 18th. Citigroup reissued a "market outperform" rating on shares of Sphere Entertainment in a research note on Tuesday, September 1st. Citizens Jmp upped their target price on Sphere Entertainment from $175.00 to $200.00 and gave the company a "market outperform" rating in a research report on Wednesday, June 17th. Finally, The Goldman Sachs Group raised their target price on Sphere Entertainment from $150.00 to $189.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. Eleven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of "Moderate Buy" and an average target price of $168.29.

Sphere Entertainment Price Performance

Shares of SPHR stock opened at $128.27 on Monday. The company has a market cap of $4.61 billion, a P/E ratio of -47.86 and a beta of 1.61. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32. Sphere Entertainment has a twelve month low of $57.01 and a twelve month high of $181.63. The business has a fifty day simple moving average of $148.31 and a 200 day simple moving average of $141.29.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share for the quarter, beating analysts' consensus estimates of ($1.51) by $0.44. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The company had revenue of $313.64 million for the quarter, compared to the consensus estimate of $307.44 million. During the same period last year, the company posted $3.39 EPS. The firm's quarterly revenue was up 10.9% compared to the same quarter last year. On average, sell-side analysts forecast that Sphere Entertainment will post -2.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Large investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. bought a new position in shares of Sphere Entertainment in the second quarter valued at approximately $70,402,000. Renaissance Technologies LLC increased its position in shares of Sphere Entertainment by 149.9% during the 1st quarter. Renaissance Technologies LLC now owns 559,935 shares of the company's stock valued at $65,736,000 after purchasing an additional 335,900 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Sphere Entertainment by 24.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 523,934 shares of the company's stock valued at $61,510,000 after purchasing an additional 104,192 shares during the last quarter. Fred Alger Management LLC raised its stake in shares of Sphere Entertainment by 370.2% during the 4th quarter. Fred Alger Management LLC now owns 350,846 shares of the company's stock worth $33,358,000 after purchasing an additional 276,231 shares during the period. Finally, Norges Bank bought a new stake in shares of Sphere Entertainment during the 4th quarter worth $18,890,000. Institutional investors own 92.03% of the company's stock.

Sphere Entertainment Company Profile

Sphere Entertainment Co is an entertainment company focused on developing and operating large-scale live experiences, media properties and venues. Its flagship asset is Sphere, a next-generation entertainment venue in Las Vegas featuring a wraparound interior display, immersive audio and experiential programming. Sphere presents concerts, films, sporting events and other productions designed to combine live performance with advanced visual and audio technology.

The company also operates MSG Networks, a regional sports and entertainment media business serving audiences primarily in the New York metropolitan area.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.