Brokerages Set Sphere Entertainment Co. (NYSE:SPHR) Price Target at $45.78

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) has received an average recommendation of "Hold" from the nine research firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $45.78.

Several analysts have commented on SPHR shares. Morgan Stanley dropped their price objective on Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a report on Thursday, April 10th. Susquehanna started coverage on Sphere Entertainment in a report on Monday, April 28th. They issued a "positive" rating and a $37.00 price objective on the stock. Macquarie dropped their price objective on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. Guggenheim raised their price objective on Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Benchmark reissued a "sell" rating and issued a $35.00 price objective on shares of Sphere Entertainment in a report on Monday, May 19th.

Institutional Trading of Sphere Entertainment

A number of institutional investors have recently made changes to their positions in SPHR. Sterling Capital Management LLC lifted its position in Sphere Entertainment by 826.1% during the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after buying an additional 760 shares in the last quarter. Ancora Advisors LLC purchased a new position in Sphere Entertainment during the fourth quarter worth approximately $40,000. Tower Research Capital LLC TRC lifted its position in Sphere Entertainment by 108.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock worth $53,000 after buying an additional 681 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Sphere Entertainment during the fourth quarter worth approximately $93,000. Finally, Headlands Technologies LLC purchased a new position in Sphere Entertainment during the first quarter worth approximately $123,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Sphere Entertainment Stock Performance

SPHR stock traded down $1.00 during trading on Thursday, hitting $38.21. 259,552 shares of the company traded hands, compared to its average volume of 812,593. The stock's 50-day simple moving average is $32.85 and its 200 day simple moving average is $37.20. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The company has a market cap of $1.37 billion, a PE ratio of -3.64 and a beta of 1.65. Sphere Entertainment has a 1 year low of $23.89 and a 1 year high of $50.88.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share for the quarter, beating the consensus estimate of ($2.48) by $0.21. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The company had revenue of $280.57 million during the quarter, compared to analysts' expectations of $285.01 million. During the same period last year, the business earned ($1.33) earnings per share. Sphere Entertainment's quarterly revenue was down 12.7% on a year-over-year basis. On average, equities analysts expect that Sphere Entertainment will post -11.47 earnings per share for the current fiscal year.

About Sphere Entertainment

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.