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

Equities researchers at Craig Hallum began coverage on shares of Sphere Entertainment (NYSE:SPHR - Get Free Report) in a research report issued to clients and investors on Monday,Benzinga reports. The firm set a "buy" rating and a $75.00 price target on the stock. Craig Hallum's target price would indicate a potential upside of 94.41% from the stock's previous close.

A number of other equities research analysts have also weighed in on the stock. Benchmark reiterated a "sell" rating and set a $35.00 price objective on shares of Sphere Entertainment in a report on Monday, May 19th. Wall Street Zen downgraded shares of Sphere Entertainment from a "hold" rating to a "sell" rating in a research note on Saturday. Guggenheim increased their price objective on Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. The Goldman Sachs Group set a $36.00 target price on Sphere Entertainment and gave the stock a "buy" rating in a report on Friday, April 18th. Finally, Macquarie cut their price target on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Sphere Entertainment presently has a consensus rating of "Hold" and an average price target of $48.70.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR opened at $38.58 on Monday. 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 has a 12 month low of $23.89 and a 12 month high of $50.88. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of -3.85 and a beta of 1.65. The firm's 50-day moving average is $33.84 and its 200 day moving average is $37.13.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $285.01 million. During the same quarter in the previous year, the business earned ($1.33) EPS. Sphere Entertainment's revenue was down 12.7% compared to the same quarter last year. Research analysts predict that Sphere Entertainment will post -11.47 EPS for the current year.

Institutional Trading of Sphere Entertainment

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.