Brokerages Set Sphere Entertainment Co. (NYSE:SPHR) PT at $50.43

Sphere Entertainment Co. (NYSE:SPHR) has earned a consensus recommendation of “Hold” from the nine brokerages that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $47.75.

A number of equities research analysts have recently weighed in on the stock. Wolfe Research raised shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a report on Wednesday, October 2nd. Guggenheim cut their price objective on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Macquarie dropped their target price on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. Finally, Morgan Stanley decreased their price target on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, November 11th.

Sphere Entertainment Stock Down 0.3 %

Shares of SPHR opened at $41.40 on Friday. The firm has a 50 day moving average price of $40.09 and a 200-day moving average price of $42.37. Sphere Entertainment has a fifty-two week low of $30.03 and a fifty-two week high of $51.83. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($2.95) earnings per share for the quarter, beating the consensus estimate of ($3.32) by $0.37. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The firm had revenue of $227.90 million during the quarter, compared to analysts’ expectations of $229.86 million. During the same period in the previous year, the company earned $1.90 earnings per share. The firm’s quarterly revenue was up 93.1% on a year-over-year basis. As a group, research analysts forecast that Sphere Entertainment will post -11.47 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. grew its stake in shares of Sphere Entertainment by 1,425.2% during the third quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock worth $38,261,000 after purchasing an additional 840,631 shares during the period. Ariel Investments LLC raised its stake in Sphere Entertainment by 8.2% in the second quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock valued at $194,167,000 after buying an additional 419,581 shares during the period. Long Pond Capital LP bought a new stake in Sphere Entertainment in the second quarter valued at approximately $12,407,000. Millennium Management LLC grew its position in shares of Sphere Entertainment by 356.8% in the second quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock valued at $11,753,000 after purchasing an additional 261,857 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of Sphere Entertainment by 134.4% in the second quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock valued at $11,655,000 after purchasing an additional 190,600 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

About Sphere Entertainment

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.