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

Key Points

• Sphere Entertainment Co. has received a "Moderate Buy" consensus rating from ten analysts, with an average price target of $48.70.
• The company's latest quarterly earnings showed an EPS of ($2.27), beating estimates, although revenue declined by 12.7% year-over-year.
• Institutional ownership of Sphere Entertainment stock stands at 92.03%, with notable recent increases in holdings by several hedge funds.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the ten analysts that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $48.70.

SPHR has been the subject of a number of research analyst reports. The Goldman Sachs Group set a $36.00 price objective on shares of Sphere Entertainment and gave the company a "buy" rating in a report on Friday, April 18th. Guggenheim lifted their price objective on shares of Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a report on Friday, May 9th. Morgan Stanley decreased their price objective on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating for the company in a report on Thursday, April 10th. Wall Street Zen upgraded shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Susquehanna initiated coverage on shares of Sphere Entertainment in a report on Monday, April 28th. They set a "positive" rating and a $37.00 price objective for the company.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR opened at $43.04 on Friday. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of -4.30 and a beta of 1.66. Sphere Entertainment has a 12 month low of $23.89 and a 12 month high of $50.88. The firm's 50-day moving average is $41.13 and its 200 day moving average is $37.93. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.24.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) EPS for the quarter, beating the consensus estimate of ($2.48) by $0.21. The company had revenue of $280.57 million for the quarter, compared to the consensus estimate of $285.01 million. Sphere Entertainment had a negative net margin of 33.00% and a negative return on equity of 16.78%. The firm's revenue was down 12.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.33) EPS. Research analysts predict that Sphere Entertainment will post -11.47 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC grew its holdings in Sphere Entertainment by 915.3% during the 2nd quarter. CWM LLC now owns 731 shares of the company's stock worth $31,000 after acquiring an additional 659 shares in the last quarter. GAMMA Investing LLC raised its holdings in Sphere Entertainment by 95.3% in the second quarter. GAMMA Investing LLC now owns 744 shares of the company's stock worth $31,000 after purchasing an additional 363 shares in the last quarter. Sterling Capital Management LLC raised its holdings in Sphere Entertainment by 826.1% in the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after purchasing an additional 760 shares in the last quarter. Ancora Advisors LLC bought a new position in Sphere Entertainment in the fourth quarter worth about $40,000. Finally, Tower Research Capital LLC TRC raised its holdings in Sphere Entertainment by 108.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock worth $53,000 after purchasing an additional 681 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

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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