Sphere Entertainment (NYSE:SPHR) Price Target Raised to $63.00

Sphere Entertainment (NYSE:SPHR) had its price objective increased by Guggenheim from $58.00 to $63.00 in a research report released on Thursday, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently issued reports on the company. Benchmark reissued a sell rating and set a $40.00 price objective on shares of Sphere Entertainment in a report on Tuesday, September 3rd. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a neutral rating to an overweight rating and raised their price objective for the company from $37.00 to $57.00 in a research report on Friday, August 16th. Morgan Stanley upped their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an equal weight rating in a report on Thursday, July 11th. Macquarie raised their price target on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a neutral rating in a report on Friday, August 16th. Finally, Bank of America decreased their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a neutral rating on the stock in a report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $49.17.

Sphere Entertainment Price Performance

Shares of NYSE:SPHR opened at $41.07 on Thursday. The company has a 50-day moving average price of $43.83 and a two-hundred day moving average price of $41.70. Sphere Entertainment has a twelve month low of $27.02 and a twelve month high of $51.83. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $1.45 billion, a PE ratio of 3.77 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) earnings per share 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 analyst estimates of $271.28 million. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. Sphere Entertainment’s revenue was up 111.8% compared to the same quarter last year. During the same period in the previous year, the business earned $15.43 EPS. Equities analysts forecast that Sphere Entertainment will post -6.9 EPS for the current year.

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors have recently made changes to their positions in the stock. Ariel Investments LLC grew its position in Sphere Entertainment by 8.2% in the second quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock worth $194,167,000 after acquiring an additional 419,581 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Sphere Entertainment by 24.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock worth $52,095,000 after purchasing an additional 299,931 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Sphere Entertainment by 356.8% in the 2nd quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock worth $11,753,000 after purchasing an additional 261,857 shares in the last quarter. Bornite Capital Management LP bought a new position in shares of Sphere Entertainment during the 1st quarter valued at about $9,816,000. Finally, Renaissance Technologies LLC raised its holdings in shares of Sphere Entertainment by 134.4% during the 2nd quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock valued at $11,655,000 after buying an additional 190,600 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.