Sphere Entertainment (NYSE:SPHR) Stock Rating Upgraded by Wall Street Zen

Sphere Entertainment (NYSE:SPHR - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday.

A number of other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. raised their price target on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Wednesday, May 21st. Guggenheim increased their target price on Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Susquehanna assumed coverage on Sphere Entertainment in a research report on Monday, April 28th. They issued a "positive" rating and a $37.00 price target on the stock. Craig Hallum started coverage on shares of Sphere Entertainment in a report on Monday, June 23rd. They set a "buy" rating and a $75.00 price objective on the stock. Finally, The Goldman Sachs Group set a $36.00 target price on shares of Sphere Entertainment and gave the company a "buy" rating in a report on Friday, April 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $48.70.

Sphere Entertainment Price Performance

Shares of SPHR opened at $42.94 on Friday. The firm has a 50 day moving average of $38.52 and a 200 day moving average of $37.58. Sphere Entertainment has a twelve month low of $23.89 and a twelve month high of $50.88. The company has a market capitalization of $1.54 billion, a P/E ratio of -4.29 and a beta of 1.66. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.24.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Sterling Capital Management LLC increased its position 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 purchasing an additional 760 shares during the period. Ancora Advisors LLC acquired a new position in shares of Sphere Entertainment during the fourth quarter valued at about $40,000. Tower Research Capital LLC TRC grew its holdings in Sphere Entertainment by 108.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock worth $53,000 after buying an additional 681 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Sphere Entertainment in the fourth quarter valued at approximately $93,000. Finally, Headlands Technologies LLC bought a new position in Sphere Entertainment during the first quarter valued at about $123,000. Institutional investors and hedge funds 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.

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