Sphere Entertainment (NYSE:SPHR) Stock Rating Reaffirmed by Macquarie

Sphere Entertainment (NYSE:SPHR)‘s stock had its “neutral” rating reiterated by analysts at Macquarie in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $47.00 price objective on the stock. Macquarie’s price objective points to a potential upside of 6.17% from the company’s current price.

A number of other analysts have also commented on the company. Bank of America decreased their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 17th. 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. Guggenheim boosted their price objective on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. raised 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 research report on Friday, August 16th. Finally, Benchmark reissued a “sell” rating and set a $40.00 target price on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $50.71.

Sphere Entertainment Stock Performance

Shares of NYSE SPHR traded down $1.69 during midday trading on Wednesday, reaching $44.27. 460,296 shares of the company were exchanged, compared to its average volume of 748,114. Sphere Entertainment has a 1 year low of $27.02 and a 1 year high of $51.83. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22. The stock has a fifty day simple moving average of $44.92 and a 200 day simple moving average of $41.19. The stock has a market cap of $1.56 billion, a P/E ratio of 4.07 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, beating the consensus estimate 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 company’s quarterly revenue was up 111.8% compared to the same quarter last year. During the same period last year, the firm earned $15.43 EPS. On average, research analysts forecast that Sphere Entertainment will post -9.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. acquired a new position in Sphere Entertainment in the 2nd quarter valued at approximately $27,000. Summit Securities Group LLC acquired a new stake in Sphere Entertainment in the 2nd quarter worth $54,000. 1832 Asset Management L.P. acquired a new stake in Sphere Entertainment during the first quarter worth about $85,000. Quent Capital LLC increased its position in shares of Sphere Entertainment by 7,717.6% during the first quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock valued at $130,000 after purchasing an additional 2,624 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Sphere Entertainment by 36.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,357 shares of the company’s stock valued at $188,000 after acquiring an additional 1,425 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

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.