Sphere Entertainment Co. (NYSE:SPHR) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Sphere Entertainment Co. has been rated as a "Moderate Buy" by analysts, with targets ranging from $35 to $75 based on various research reports.
• The company recently reported earnings of $3.39 per share, exceeding analysts' expectations and demonstrating a 3.4% increase in quarterly revenue compared to the previous year.
• Sphere Entertainment has a market capitalization of $1.62 billion and a current stock price of approximately $45.27, reflecting a recent increase of 6.6%.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) has received an average recommendation of "Moderate Buy" from the ten research firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $49.50.

A number of research analysts have weighed in on the company. Craig Hallum assumed coverage on Sphere Entertainment in a report on Monday, June 23rd. They set a "buy" rating and a $75.00 target price for the company. JPMorgan Chase & Co. lifted their target price on Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a report on Wednesday, May 21st. Wall Street Zen raised Sphere Entertainment from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Morgan Stanley lifted their target price on Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a report on Tuesday, August 12th. Finally, Benchmark reaffirmed a "sell" rating and set a $35.00 target price on shares of Sphere Entertainment in a report on Monday, May 19th.

Sphere Entertainment Stock Up 6.6%

SPHR stock opened at $45.2690 on Tuesday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $1.62 billion, a PE ratio of -8.51 and a beta of 1.71. Sphere Entertainment has a twelve month low of $23.89 and a twelve month high of $50.51. The stock has a 50-day simple moving average of $42.06 and a two-hundred day simple moving average of $37.46.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported $3.39 earnings per share for the quarter, beating analysts' consensus estimates of ($1.57) by $4.96. The business had revenue of $282.68 million during the quarter, compared to analyst estimates of $280.23 million. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The company's quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($2.00) EPS. On average, equities analysts predict that Sphere Entertainment will post -11.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SPHR. Invesco Ltd. grew its holdings in shares of Sphere Entertainment by 2.2% during the fourth quarter. Invesco Ltd. now owns 38,615 shares of the company's stock worth $1,557,000 after purchasing an additional 830 shares in the last quarter. Legal & General Group Plc boosted its stake in Sphere Entertainment by 2.8% in the fourth quarter. Legal & General Group Plc now owns 26,678 shares of the company's stock worth $1,076,000 after buying an additional 720 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Sphere Entertainment in the fourth quarter worth approximately $2,656,000. Dimensional Fund Advisors LP boosted its stake in Sphere Entertainment by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company's stock worth $59,084,000 after buying an additional 9,837 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake in Sphere Entertainment by 7.6% in the fourth quarter. MetLife Investment Management LLC now owns 17,387 shares of the company's stock worth $701,000 after buying an additional 1,229 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

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.

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