Sphere Entertainment (NYSE:SPHR) Coverage Initiated at Craig Hallum

Research analysts at Craig Hallum started coverage on shares of Sphere Entertainment (NYSE:SPHR - Get Free Report) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The brokerage set a "buy" rating and a $75.00 price target on the stock. Craig Hallum's target price points to a potential upside of 79.59% from the stock's previous close.

A number of other research analysts also recently weighed in on the company. Susquehanna assumed coverage on Sphere Entertainment in a report on Monday, April 28th. They set a "positive" rating and a $37.00 price target on the stock. Wall Street Zen downgraded Sphere Entertainment from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Morgan Stanley reduced their price target on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating for the company in a research report on Thursday, April 10th. The Goldman Sachs Group set a $36.00 price objective on shares of Sphere Entertainment and gave the company a "buy" rating in a research report on Friday, April 18th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research note on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $48.70.

Sphere Entertainment Stock Performance

SPHR stock traded up $2.25 on Monday, reaching $41.76. The company's stock had a trading volume of 870,943 shares, compared to its average volume of 810,952. Sphere Entertainment has a 52 week low of $23.89 and a 52 week high of $50.88. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.53 and a quick ratio of 0.53. The company has a market capitalization of $1.49 billion, a P/E ratio of -4.17 and a beta of 1.65. The firm has a fifty day moving average of $34.70 and a two-hundred day moving average of $37.18.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SPHR. Ariel Investments LLC lifted its holdings in Sphere Entertainment by 9.6% during the 1st quarter. Ariel Investments LLC now owns 6,298,139 shares of the company's stock valued at $206,075,000 after purchasing an additional 553,947 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Sphere Entertainment by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company's stock worth $112,689,000 after buying an additional 29,402 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Sphere Entertainment by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company's stock worth $59,084,000 after acquiring an additional 9,837 shares during the last quarter. Steadfast Capital Management LP grew its holdings in shares of Sphere Entertainment by 183.8% during the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock worth $37,340,000 after purchasing an additional 599,800 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company's stock worth $20,577,000 after buying an additional 357,794 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Company Profile

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.