Sphere Entertainment (NYSE:SPHR) Price Target Cut to $43.00

Sphere Entertainment (NYSE:SPHR) had its price target cut by equities researchers at Bank of America from $45.00 to $43.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price target indicates a potential upside of 7.53% from the stock’s previous close.

Several other equities analysts have also recently weighed in on SPHR. Morgan Stanley raised their price objective on Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, July 11th. Benchmark reaffirmed a “sell” rating and set a $40.00 target price on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Macquarie raised their target price on Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $37.00 to $57.00 in a report on Friday, August 16th. Finally, Guggenheim decreased their price objective on Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating for the company in a report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $45.83.

Sphere Entertainment Price Performance

Shares of SPHR opened at $39.99 on Tuesday. 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 business’s fifty day moving average is $43.90 and its 200 day moving average is $41.78. Sphere Entertainment has a 12-month low of $27.02 and a 12-month high of $51.83. The stock has a market cap of $1.41 billion, a P/E ratio of 3.67 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) earnings per share for the quarter, beating the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The business had revenue of $273.40 million for the quarter, compared to analysts’ expectations of $271.28 million. During the same period last year, the business earned $15.43 EPS. The business’s revenue was up 111.8% on a year-over-year basis. Sell-side analysts anticipate that Sphere Entertainment will post -6.9 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Ariel Investments LLC grew its holdings in Sphere Entertainment by 8.2% during the 2nd 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 in the last quarter. Vanguard Group Inc. grew its holdings in Sphere Entertainment by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock valued at $137,787,000 after buying an additional 17,613 shares in the last quarter. Jericho Capital Asset Management L.P. grew its holdings in Sphere Entertainment by 4.4% during 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 in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Sphere Entertainment by 24.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock valued at $52,095,000 after acquiring an additional 299,931 shares during the last quarter. Finally, Gamco Investors INC. ET AL boosted its position in shares of Sphere Entertainment by 7.7% during the 1st quarter. Gamco Investors INC. ET AL now owns 960,581 shares of the company’s stock valued at $47,145,000 after acquiring an additional 69,001 shares during the last quarter. Hedge funds and other 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.