Sphere Entertainment (NYSE:SPHR) Upgraded by Wolfe Research to “Outperform”

Sphere Entertainment (NYSE:SPHR) was upgraded by research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research note issued to investors on Wednesday, MarketBeat.com reports. The firm currently has a $60.00 price objective on the stock. Wolfe Research’s price target suggests a potential upside of 36.86% from the company’s current price.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $37.00 to $57.00 in a report on Friday, August 16th. Guggenheim raised their target price on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Bank of America dropped their target price 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. Macquarie upped their target price on Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, August 16th. Finally, Morgan Stanley upped their price target on Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Sphere Entertainment currently has a consensus rating of “Hold” and a consensus target price of $50.71.

Sphere Entertainment Stock Performance

SPHR opened at $43.84 on Wednesday. Sphere Entertainment has a 52-week low of $27.02 and a 52-week 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’s fifty day simple moving average is $43.65 and its two-hundred day simple moving average is $41.36. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 4.03 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, beating analysts’ consensus estimates of ($2.47) by $0.47. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The firm had revenue of $273.40 million for the quarter, compared to the consensus estimate of $271.28 million. During the same period last year, the firm posted $15.43 EPS. The company’s revenue was up 111.8% on a year-over-year basis. Equities analysts anticipate that Sphere Entertainment will post -9.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently modified their holdings of SPHR. Swiss National Bank lifted its holdings in shares of Sphere Entertainment by 1.6% during the 1st quarter. Swiss National Bank now owns 50,159 shares of the company’s stock worth $2,462,000 after acquiring an additional 800 shares during the period. Greenhaven Road Investment Management L.P. increased its holdings in shares of Sphere Entertainment by 18.3% during the fourth quarter. Greenhaven Road Investment Management L.P. now owns 225,000 shares of the company’s stock valued at $7,641,000 after acquiring an additional 34,789 shares in the last quarter. QRG Capital Management Inc. bought a new stake in Sphere Entertainment during the 1st quarter worth approximately $203,000. Seven Eight Capital LP raised its holdings in shares of Sphere Entertainment by 145.1% in the fourth quarter. Seven Eight Capital LP now owns 64,653 shares of the company’s stock valued at $2,196,000 after purchasing an additional 38,271 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Sphere Entertainment by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock worth $137,787,000 after purchasing an additional 17,613 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.