Sphere Entertainment's (SPHR) Sell (D-) Rating Reaffirmed at Weiss Ratings

Key Points

• Sphere Entertainment's stock receives a "sell (D-)" rating from Weiss Ratings, indicating ongoing concerns about its performance.
• JPMorgan and Goldman Sachs both raised their target price for the stock to $68.00, reflecting a generally positive outlook from some analysts despite the sell rating.
• Institutional investors hold a significant majority (92.03%) of Sphere Entertainment's stock, suggesting strong institutional interest in the company.

Sphere Entertainment (NYSE:SPHR - Get Free Report)'s stock had its "sell (d-)" rating reissued by equities researchers at Weiss Ratings in a report released on Friday,Weiss Ratings reports.

Other equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. raised their target price on shares of Sphere Entertainment from $60.00 to $68.00 and gave the company an "overweight" rating in a report on Wednesday, October 8th. Morgan Stanley raised their target price on shares of Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a report on Tuesday, August 12th. BTIG Research assumed coverage on shares of Sphere Entertainment in a report on Monday, October 6th. They set a "neutral" rating for the company. The Goldman Sachs Group raised their target price on shares of Sphere Entertainment from $50.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, September 17th. Finally, Wall Street Zen upgraded shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $55.13.

Sphere Entertainment Stock Up 2.9%

Shares of NYSE SPHR opened at $67.06 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36. Sphere Entertainment has a 52 week low of $23.89 and a 52 week high of $68.15. The firm has a 50-day moving average price of $55.58 and a 200 day moving average price of $43.54. The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of -12.60 and a beta of 1.79.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported $3.39 EPS for the quarter, beating the consensus estimate of ($1.57) by $4.96. Sphere Entertainment had a negative net margin of 14.68% and a negative return on equity of 19.27%. The firm had revenue of $282.68 million during the quarter, compared to analysts' expectations of $280.23 million. During the same quarter last year, the business earned ($2.00) earnings per share. The business's revenue for the quarter was up 3.4% compared to the same quarter last year. Equities research analysts anticipate that Sphere Entertainment will post -11.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of SPHR. GAMMA Investing LLC grew its holdings in shares of Sphere Entertainment by 95.3% during the second quarter. GAMMA Investing LLC now owns 744 shares of the company's stock worth $31,000 after buying an additional 363 shares in the last quarter. CWM LLC boosted its position in shares of Sphere Entertainment by 915.3% in the second quarter. CWM LLC now owns 731 shares of the company's stock worth $31,000 after acquiring an additional 659 shares during the last quarter. ORG Partners LLC boosted its position in shares of Sphere Entertainment by 80.1% in the third quarter. ORG Partners LLC now owns 661 shares of the company's stock worth $41,000 after acquiring an additional 294 shares during the last quarter. Chesapeake Asset Management LLC acquired a new stake in shares of Sphere Entertainment in the third quarter worth approximately $75,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Sphere Entertainment by 81.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,294 shares of the company's stock worth $96,000 after acquiring an additional 1,030 shares during the last quarter. 92.03% of the stock is currently 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.

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