Sphere Entertainment Co. (NYSE:SPHR) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Sphere Entertainment Co. (NYSE:SPHR) have received an average recommendation of “Hold” from the eight ratings firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $50.43.

SPHR has been the subject of several recent analyst reports. Macquarie decreased their price target on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, November 13th. Wolfe Research raised shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a report on Wednesday, October 2nd. 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. Finally, Guggenheim upped their price target on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, September 19th.

Institutional Investors Weigh In On Sphere Entertainment

Large investors have recently made changes to their positions in the stock. Rhumbline Advisers lifted its stake in shares of Sphere Entertainment by 2.0% during the 2nd quarter. Rhumbline Advisers now owns 48,683 shares of the company’s stock worth $1,707,000 after buying an additional 943 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Sphere Entertainment by 15.9% in the 2nd quarter. Victory Capital Management Inc. now owns 22,167 shares of the company’s stock valued at $777,000 after buying an additional 3,033 shares in the last quarter. Renaissance Technologies LLC increased its position in Sphere Entertainment by 134.4% during the 2nd quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock worth $11,655,000 after buying an additional 190,600 shares during the period. XTX Topco Ltd acquired a new position in shares of Sphere Entertainment in the second quarter valued at about $235,000. Finally, Garden State Investment Advisory Services LLC bought a new position in Sphere Entertainment during the second quarter worth about $416,000. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Trading Up 1.2 %

Shares of NYSE SPHR opened at $41.87 on Friday. The business has a fifty day simple moving average of $40.28 and a 200-day simple moving average of $42.19. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -3.99 and a beta of 1.37. Sphere Entertainment has a 12 month low of $29.70 and a 12 month high of $51.83. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.32) by $0.37. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The company had revenue of $227.90 million during the quarter, compared to analyst estimates of $229.86 million. During the same quarter in the prior year, the company earned $1.90 earnings per share. The company’s revenue for the quarter was up 93.1% on a year-over-year basis. Sell-side analysts predict that Sphere Entertainment will post -11.47 EPS for the current year.

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.