Sphere Entertainment (NYSE:SPHR) Stock Rating Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Sphere Entertainment from “sell” to “hold,” while the broader analyst consensus remains “Moderate Buy,” with an average price target of $160.93.
• Sphere shares opened at $109.05, down 3.6%, and remain below their 50-day and 200-day moving averages of $129.05 and $130.09, respectively.
• The company beat quarterly expectations, reporting an adjusted loss of $1.07 per share versus the expected $1.51 loss and revenue of $313.64 million, up 10.9% year over year; institutional investors own 92.03% of the stock.

Sphere Entertainment (NYSE:SPHR - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Sunday, Wall Street Zen reports.

A number of other brokerages have also recently weighed in on SPHR. Piper Sandler reaffirmed an "overweight" rating and issued a $145.00 price objective (down from $185.00) on shares of Sphere Entertainment in a research note on Friday, October 23rd. Craig Hallum cut Sphere Entertainment from a "buy" rating to a "hold" rating and set a $132.00 price target on the stock. in a research note on Monday, October 5th. JPMorgan Chase & Co. dropped their target price on shares of Sphere Entertainment from $165.00 to $164.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. Guggenheim decreased their price target on shares of Sphere Entertainment from $208.00 to $180.00 and set a "buy" rating for the company in a research note on Wednesday, October 14th. Finally, Citigroup reissued a "market outperform" rating on shares of Sphere Entertainment in a report on Tuesday, October 6th. 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 company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $160.93.

Sphere Entertainment Stock Down 3.6%

Shares of NYSE:SPHR opened at $109.05 on Friday. Sphere Entertainment has a 12-month low of $64.00 and a 12-month high of $181.63. The business has a 50 day moving average of $129.05 and a two-hundred day moving average of $130.09. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%. The company had revenue of $313.64 million during the quarter, compared to analysts' expectations of $307.44 million. During the same quarter last year, the firm earned $3.39 earnings per share. The firm's quarterly revenue was up 10.9% compared to the same quarter last year. As a group, research analysts expect that Sphere Entertainment will post -2.70 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Covestor Ltd increased its stake in shares of Sphere Entertainment by 5.4% in the third quarter. Covestor Ltd now owns 3,225 shares of the company's stock worth $433,000 after buying an additional 166 shares during the last quarter. Putney Financial Group LLC boosted its holdings in shares of Sphere Entertainment by 2.9% during the third quarter. Putney Financial Group LLC now owns 4,192 shares of the company's stock valued at $564,000 after acquiring an additional 117 shares during the period. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Sphere Entertainment during the third quarter worth about $70,000. LJI Wealth Management LLC bought a new position in shares of Sphere Entertainment during the third quarter worth about $524,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in shares of Sphere Entertainment by 29.5% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 12,300 shares of the company's stock worth $1,654,000 after acquiring an additional 2,800 shares during the period. 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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