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

Macquarie reaffirmed their neutral rating on shares of Sphere Entertainment (NYSE:SPHR) in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $47.00 price objective on the stock.

A number of other analysts have also weighed in on SPHR. Guggenheim raised their price target on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, September 19th. JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $37.00 to $57.00 in a research note on Friday, August 16th. Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a research note on Wednesday, October 2nd. Benchmark reiterated a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Finally, Bank of America cut their target price on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $50.71.

Sphere Entertainment Trading Down 3.7 %

SPHR stock opened at $44.27 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of 4.07 and a beta of 1.41. The business has a fifty day moving average price of $44.92 and a 200 day moving average price of $41.21. Sphere Entertainment has a fifty-two week low of $27.02 and a fifty-two week high of $51.83.

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

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPHR. Ariel Investments LLC raised its position in shares of Sphere Entertainment by 8.2% in the 2nd quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock valued at $194,167,000 after acquiring an additional 419,581 shares during the period. Vanguard Group Inc. boosted its position in shares of Sphere Entertainment by 0.6% during the first quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock worth $137,787,000 after purchasing an additional 17,613 shares in the last quarter. Jericho Capital Asset Management L.P. grew its holdings in shares of Sphere Entertainment by 4.4% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 2,542,865 shares of the company’s stock valued at $124,804,000 after buying an additional 106,651 shares during the period. Gamco Investors INC. ET AL increased its position in shares of Sphere Entertainment by 7.7% in the 1st quarter. Gamco Investors INC. ET AL now owns 960,581 shares of the company’s stock valued at $47,145,000 after buying an additional 69,001 shares in the last quarter. Finally, Gabelli Funds LLC increased its position in shares of Sphere Entertainment by 0.6% in the 1st quarter. Gabelli Funds LLC now owns 673,826 shares of the company’s stock valued at $33,071,000 after buying an additional 3,956 shares in the last quarter. Institutional investors 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.