Sphere Entertainment Co. (NYSE:SPHR) Receives $48.70 Consensus PT from Analysts

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

Several analysts have recently issued reports on SPHR shares. Morgan Stanley reduced their target price on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating for the company in a research note on Thursday, April 10th. Wall Street Zen downgraded shares of Sphere Entertainment from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. The Goldman Sachs Group set a $36.00 price target on shares of Sphere Entertainment and gave the stock a "buy" rating in a report on Friday, April 18th. Craig Hallum started coverage on shares of Sphere Entertainment in a report on Monday, June 23rd. They issued a "buy" rating and a $75.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price target on shares of Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a report on Wednesday, May 21st.

Institutional Investors Weigh In On Sphere Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPHR. Sterling Capital Management LLC grew its holdings in Sphere Entertainment by 826.1% during the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock valued at $34,000 after buying an additional 760 shares in the last quarter. Ancora Advisors LLC purchased a new stake in Sphere Entertainment during the 4th quarter valued at approximately $40,000. Tower Research Capital LLC TRC grew its holdings in Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after buying an additional 681 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Sphere Entertainment during the 4th quarter valued at approximately $93,000. Finally, Headlands Technologies LLC purchased a new position in shares of Sphere Entertainment in the first quarter valued at $123,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Price Performance

Shares of Sphere Entertainment stock traded down $0.38 during midday trading on Monday, hitting $43.05. 598,896 shares of the company traded hands, compared to its average volume of 807,753. The firm's fifty day moving average price is $37.03 and its 200-day moving average price is $37.41. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.53 and a current ratio of 0.53. Sphere Entertainment has a 12 month low of $23.89 and a 12 month high of $50.88. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -4.30 and a beta of 1.66.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($2.27) EPS for the quarter, topping the consensus estimate of ($2.48) by $0.21. The business 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 last year, the company earned ($1.33) EPS. As a group, sell-side analysts forecast 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.