Wall Street Zen Upgrades Sphere Entertainment (NYSE:SPHR) to Hold

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

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. boosted their price target on Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a report on Wednesday, May 21st. Morgan Stanley decreased their price objective on Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 10th. The Goldman Sachs Group set a $36.00 target price on Sphere Entertainment and gave the company a "buy" rating in a research note on Friday, April 18th. Benchmark reaffirmed a "sell" rating and set a $35.00 target price on shares of Sphere Entertainment in a research note on Monday, May 19th. Finally, Susquehanna began coverage on Sphere Entertainment in a research note on Monday, April 28th. They issued a "positive" rating and a $37.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $48.70.

Sphere Entertainment Stock Performance

Shares of NYSE SPHR traded down $1.27 during trading on Friday, reaching $43.06. 301,647 shares of the stock traded hands, compared to its average volume of 799,830. The company has a 50-day moving average of $38.85 and a 200-day moving average of $37.61. The stock has a market capitalization of $1.54 billion, a P/E ratio of -4.30 and a beta of 1.66. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.53 and a quick ratio of 0.53. Sphere Entertainment has a 52-week low of $23.89 and a 52-week high of $50.88.

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 (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 analyst estimates of $285.01 million. Sphere Entertainment had a negative return on equity of 16.78% and a negative net margin of 33.00%. Sphere Entertainment's revenue for the quarter was down 12.7% compared to the same quarter last year. During the same period last year, the company earned ($1.33) EPS. Analysts forecast that Sphere Entertainment will post -11.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its holdings in shares of Sphere Entertainment by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 224,282 shares of the company's stock valued at $9,043,000 after purchasing an additional 4,490 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Sphere Entertainment in the fourth quarter worth $2,656,000. Commonwealth Equity Services LLC increased its position in shares of Sphere Entertainment by 10.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 7,411 shares of the company's stock worth $299,000 after acquiring an additional 721 shares in the last quarter. Horizon Kinetics Asset Management LLC boosted its stake in shares of Sphere Entertainment by 8.2% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 61,408 shares of the company's stock valued at $2,476,000 after purchasing an additional 4,680 shares during the period. Finally, Quantbot Technologies LP boosted its stake in shares of Sphere Entertainment by 227.2% in the fourth quarter. Quantbot Technologies LP now owns 67,829 shares of the company's stock valued at $2,735,000 after purchasing an additional 47,098 shares during the period. 92.03% of the stock is owned by hedge funds and other 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.