Sphere Entertainment (NYSE:SPHR) Given “Neutral” Rating at Macquarie

Macquarie reissued their neutral rating on shares of Sphere Entertainment (NYSE:SPHR) in a research note released on Wednesday morning, Benzinga reports. They currently have a $47.00 price target on the stock.

Several other analysts have also issued reports on SPHR. Morgan Stanley upped their target price on Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 11th. JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $37.00 to $57.00 in a report on Friday, August 16th. Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a report on Wednesday, October 2nd. Bank of America dropped their target price on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a report on Tuesday, September 17th. Finally, Benchmark reissued a “sell” rating and set a $40.00 price target on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Sphere Entertainment presently has a consensus rating of “Hold” and an average target price of $50.71.

Sphere Entertainment Stock Performance

Shares of Sphere Entertainment stock opened at $44.33 on Wednesday. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of -7.83 and a beta of 1.41. The stock’s 50-day moving average is $44.78 and its 200-day moving average is $41.20. Sphere Entertainment has a one year low of $27.02 and a one year high of $51.83. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The business had revenue of $273.40 million for the quarter, compared to analyst estimates of $271.28 million. During the same quarter in the prior year, the company posted $15.43 earnings per share. Sphere Entertainment’s revenue was up 111.8% on a year-over-year basis. Equities analysts predict that Sphere Entertainment will post -9.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors have recently bought and sold shares of the business. Swiss National Bank increased its position in Sphere Entertainment by 1.6% during the first quarter. Swiss National Bank now owns 50,159 shares of the company’s stock worth $2,462,000 after buying an additional 800 shares during the last quarter. QRG Capital Management Inc. acquired a new position in shares of Sphere Entertainment in the first quarter valued at approximately $203,000. Vanguard Group Inc. grew its position in shares of Sphere Entertainment by 0.6% in the first quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock valued at $137,787,000 after purchasing an additional 17,613 shares during the last quarter. MADDEN SECURITIES Corp acquired a new position in shares of Sphere Entertainment in the third quarter valued at approximately $1,237,000. Finally, Empowered Funds LLC grew its position in shares of Sphere Entertainment by 14.9% in the first quarter. Empowered Funds LLC now owns 150,637 shares of the company’s stock valued at $7,393,000 after purchasing an additional 19,539 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.