Macquarie Cuts Sphere Entertainment (NYSE:SPHR) Price Target to $45.00

Sphere Entertainment (NYSE:SPHR) had its price target cut by Macquarie from $47.00 to $45.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research analysts have also recently commented on the company. Guggenheim boosted their price objective on Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. 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. Bank of America decreased their price target on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Tuesday, September 17th. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $37.00 to $57.00 in a research note on Friday, August 16th. Finally, Wolfe Research upgraded shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price for the company in a research note on Wednesday, October 2nd. One equities research 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 has a consensus rating of “Hold” and an average target price of $50.43.

Sphere Entertainment Stock Performance

SPHR stock opened at $40.00 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.63. The stock has a 50-day moving average price of $43.40 and a two-hundred day moving average price of $41.40. Sphere Entertainment has a 12-month low of $27.02 and a 12-month high of $51.83.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.32) by $0.37. The business had revenue of $227.90 million during the quarter, compared to analysts’ expectations of $229.86 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The company’s revenue for the quarter was up 93.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.90 EPS. Sell-side analysts expect that Sphere Entertainment will post -11.47 EPS for the current fiscal year.

Institutional Trading of Sphere Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new stake in shares of Sphere Entertainment in the 1st quarter worth about $255,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Sphere Entertainment by 16.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,303 shares of the company’s stock valued at $871,000 after buying an additional 2,334 shares during the last quarter. Swiss National Bank raised its stake in Sphere Entertainment by 1.6% during the first quarter. Swiss National Bank now owns 50,159 shares of the company’s stock valued at $2,462,000 after buying an additional 800 shares in the last quarter. QRG Capital Management Inc. bought a new position in Sphere Entertainment during the 1st quarter worth approximately $203,000. Finally, ProShare Advisors LLC acquired a new position in shares of Sphere Entertainment in the 1st quarter worth approximately $235,000. 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.