Sphere Entertainment (NYSE:SPHR) Stock Price Target Cut by Morgan Stanley

Key Points

• Morgan Stanley lowered Sphere Entertainment’s price target from $170 to $150 while maintaining an “overweight” rating, implying 36.1% upside from the prior close.
• Analyst sentiment remains broadly positive: the stock has an average “Moderate Buy” rating and a consensus target of $160.93, although Piper Sandler also reduced its target and Craig Hallum downgraded the shares to “hold.”
• Sphere reported quarterly revenue of $313.64 million, up 10.9% year over year, and a loss of $1.07 per share that beat estimates; institutional investors own 92.03% of the company.

Sphere Entertainment (NYSE:SPHR - Get Free Report) had its price objective reduced by equities researchers at Morgan Stanley from $170.00 to $150.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Morgan Stanley's target price suggests a potential upside of 36.10% from the company's previous close.

SPHR has been the subject of a number of other research reports. Piper Sandler restated an "overweight" rating and issued a $145.00 price objective (down from $185.00) on shares of Sphere Entertainment in a research report on Friday. Wells Fargo & Company set a $200.00 target price on Sphere Entertainment in a report on Tuesday, October 6th. Seaport Research Partners set a $160.00 target price on Sphere Entertainment in a report on Wednesday, October 7th. JPMorgan Chase & Co. decreased their target price on Sphere Entertainment from $165.00 to $164.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. Finally, Craig Hallum downgraded Sphere Entertainment from a "buy" rating to a "hold" rating and set a $132.00 price target for the company. in a report on Monday, October 5th. Eleven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $160.93.

Sphere Entertainment Stock Up 1.2%

Shares of NYSE:SPHR opened at $110.21 on Tuesday. Sphere Entertainment has a 52 week low of $64.00 and a 52 week high of $181.63. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.22 and a current ratio of 1.22. The company has a market capitalization of $3.96 billion, a PE ratio of -41.12 and a beta of 1.61. The company has a 50 day moving average price of $134.25 and a two-hundred day moving average price of $129.62.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share for the quarter, topping the consensus estimate of ($1.51) by $0.44. The company had revenue of $313.64 million for the quarter, compared to analyst estimates of $307.44 million. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The business's revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period last year, the business posted $3.39 earnings per share. Analysts forecast that Sphere Entertainment will post -2.54 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Oppenheimer & Co. Inc. grew its stake in shares of Sphere Entertainment by 64.7% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 5,402 shares of the company's stock worth $726,000 after acquiring an additional 2,122 shares in the last quarter. Signaturefd LLC boosted its position in Sphere Entertainment by 204.9% during the third quarter. Signaturefd LLC now owns 186 shares of the company's stock valued at $25,000 after purchasing an additional 125 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in Sphere Entertainment in the third quarter valued at approximately $201,000. Kercheville Advisors LLC bought a new position in Sphere Entertainment in the third quarter valued at approximately $336,000. Finally, Assenagon Asset Management S.A. increased its position in shares of Sphere Entertainment by 114.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 871,484 shares of the company's stock worth $117,162,000 after purchasing an additional 464,609 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Sphere Entertainment Company Profile

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences and sports and entertainment programming. Its principal asset is Sphere, a next-generation venue in Las Vegas featuring a large exterior LED display, a high-resolution interior screen, advanced audio technology and immersive production capabilities.

Sphere presents concerts, residencies, films and other experiences, while its Sphere Studios business develops original content and technology for the venue and other immersive applications.

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