Sphere Entertainment Co. (SPHR) - What Are Investment Firms Saying About This Stock?

Key Points

• Analyst sentiment is moderately bullish: Eleven of 14 firms rate Sphere Entertainment a “buy,” with an average 12-month price target of $162.27 versus the reported share price of $109.07.
• Recent results beat expectations: The company reported quarterly revenue of $313.64 million and an adjusted loss of $1.07 per share, outperforming consensus estimates, while revenue increased 10.9% year over year.
• Institutional ownership is high: Hedge funds and other institutional investors hold approximately 92.03% of SPHR shares, although the stock remains unprofitable and trades below its 50-day and 200-day moving averages.

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the fourteen research firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and eleven have given a buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $162.27.

Several equities analysts have weighed in on SPHR shares. Wells Fargo & Company set a $200.00 price target on shares of Sphere Entertainment in a report on Tuesday, October 6th. BTIG Research reduced their price objective on shares of Sphere Entertainment from $190.00 to $160.00 and set a "buy" rating for the company in a research note on Tuesday, October 6th. The Goldman Sachs Group raised their price objective on shares of Sphere Entertainment from $150.00 to $189.00 and gave the company a "buy" rating in a research report on Wednesday, July 8th. Susquehanna lowered their target price on shares of Sphere Entertainment from $182.00 to $158.00 and set a "positive" rating on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. dropped their target price on shares of Sphere Entertainment from $165.00 to $164.00 and set an "overweight" rating for the company in a report on Friday, July 31st.

Sphere Entertainment Stock Down 2.3%

SPHR stock opened at $109.07 on Friday. Sphere Entertainment has a twelve month low of $64.00 and a twelve month high of $181.63. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32. The stock has a market cap of $3.92 billion, a P/E ratio of -40.70 and a beta of 1.61. The business's 50-day moving average price is $133.74 and its 200-day moving average price is $140.42.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $307.44 million. During the same period in the previous year, the company posted $3.39 EPS. The firm's revenue was up 10.9% on a year-over-year basis. On average, equities research analysts forecast that Sphere Entertainment will post -2.54 EPS for the current year.

Hedge Funds Weigh In On Sphere Entertainment

Several large investors have recently made changes to their positions in the business. Signaturefd LLC lifted its holdings in shares of Sphere Entertainment by 204.9% in the third quarter. Signaturefd LLC now owns 186 shares of the company's stock worth $25,000 after buying an additional 125 shares in the last quarter. Crossmark Global Holdings Inc. bought a new position in shares of Sphere Entertainment during the third quarter worth $201,000. Kercheville Advisors LLC purchased a new position in Sphere Entertainment during the third quarter valued at $336,000. Assenagon Asset Management S.A. grew its stake in Sphere Entertainment by 114.2% during the third quarter. Assenagon Asset Management S.A. now owns 871,484 shares of the company's stock valued at $117,162,000 after acquiring an additional 464,609 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Sphere Entertainment by 18.4% during the third quarter. GAMMA Investing LLC now owns 1,138 shares of the company's stock valued at $153,000 after acquiring an additional 177 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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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