Macquarie Issues Pessimistic Forecast for Sphere Entertainment (NYSE:SPHR) Stock Price

Sphere Entertainment (NYSE:SPHR) had its price objective cut by equities researchers at Macquarie from $45.00 to $40.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Macquarie’s target price would indicate a potential upside of 25.29% from the company’s previous close.

A number of other analysts have also recently weighed in on the stock. Morgan Stanley decreased their target price on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Guggenheim decreased their target price on Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. cut their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Sphere Entertainment currently has an average rating of “Hold” and a consensus price target of $46.75.

Sphere Entertainment Trading Up 0.9 %

Shares of SPHR stock opened at $31.93 on Tuesday. The stock has a 50 day simple moving average of $42.96 and a 200 day simple moving average of $42.50. The stock has a market cap of $1.13 billion, a P/E ratio of -3.04 and a beta of 1.39. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. Sphere Entertainment has a 1 year low of $30.78 and a 1 year high of $50.88.

Insider Activity at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 25.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. raised its holdings in shares of Sphere Entertainment by 1.2% in the third quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock valued at $991,000 after purchasing an additional 271 shares during the last quarter. US Bancorp DE grew its position in Sphere Entertainment by 3.8% in the 4th quarter. US Bancorp DE now owns 7,511 shares of the company’s stock worth $303,000 after purchasing an additional 276 shares in the last quarter. Central Pacific Bank Trust Division increased its stake in Sphere Entertainment by 5.3% in the 4th quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company’s stock valued at $401,000 after buying an additional 500 shares during the last quarter. Boyar Asset Management Inc. lifted its position in shares of Sphere Entertainment by 1.2% during the 4th quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company’s stock worth $1,793,000 after buying an additional 542 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock worth $53,000 after buying an additional 681 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

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.