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

Key Points

• Sphere Entertainment Co. has received a consensus rating of "Moderate Buy" from nine research firms, with an average 12-month price target of $54.00.
• The company reported earnings of $3.39 per share for the last quarter, significantly exceeding the consensus estimate by $4.96, and has a revenue of approximately $282.68 million.
• Recent analyst upgrades include a price target increase by Guggenheim from $75.00 to $76.00, and Goldman Sachs raising theirs from $50.00 to $68.00, both maintaining "buy" ratings.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) has earned an average rating of "Moderate Buy" from the nine brokerages that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $54.00.

A number of research firms recently weighed in on SPHR. The Goldman Sachs Group lifted their target price on Sphere Entertainment from $50.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, September 17th. Wall Street Zen raised Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Craig Hallum began coverage on Sphere Entertainment in a research report on Monday, June 23rd. They set a "buy" rating and a $75.00 target price on the stock. Morgan Stanley lifted their target price on Sphere Entertainment from $35.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 12th. Finally, Guggenheim lifted their target price on Sphere Entertainment from $75.00 to $76.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th.

Institutional Investors Weigh In On Sphere Entertainment

Institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC acquired a new stake in Sphere Entertainment during the first quarter valued at approximately $225,000. Northern Trust Corp boosted its holdings in Sphere Entertainment by 41.2% during the first quarter. Northern Trust Corp now owns 523,839 shares of the company's stock valued at $17,140,000 after purchasing an additional 152,893 shares in the last quarter. Sandler Capital Management acquired a new stake in Sphere Entertainment during the first quarter valued at approximately $1,701,000. Atria Wealth Solutions Inc. acquired a new stake in Sphere Entertainment during the first quarter valued at approximately $279,000. Finally, Capital Fund Management S.A. boosted its holdings in Sphere Entertainment by 48.4% during the first quarter. Capital Fund Management S.A. now owns 92,277 shares of the company's stock valued at $3,019,000 after purchasing an additional 30,093 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR traded up $1.52 during midday trading on Friday, hitting $58.65. The company's stock had a trading volume of 544,000 shares, compared to its average volume of 883,430. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of -11.03 and a beta of 1.74. The stock's 50 day simple moving average is $46.44 and its 200 day simple moving average is $38.66. Sphere Entertainment has a fifty-two week low of $23.89 and a fifty-two week high of $62.85. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.13.

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