Macquarie Reiterates Neutral Rating for Sphere Entertainment (NYSE:SPHR)

Sphere Entertainment (NYSE:SPHR)‘s stock had its “neutral” rating restated by equities researchers at Macquarie in a report issued on Wednesday, Benzinga reports. They currently have a $47.00 price objective on the stock. Macquarie’s target price would indicate a potential upside of 6.75% from the company’s current price.

A number of other brokerages also recently commented on SPHR. Bank of America cut their price objective on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Tuesday, September 17th. Guggenheim increased their price target on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Benchmark reaffirmed a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Morgan Stanley increased their target price 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. Finally, JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their price target for the company from $37.00 to $57.00 in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Sphere Entertainment currently has an average rating of “Hold” and a consensus target price of $50.71.

Sphere Entertainment Trading Down 0.5 %

SPHR opened at $44.03 on Wednesday. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 4.04 and a beta of 1.41. Sphere Entertainment has a 52 week low of $27.02 and a 52 week high of $51.83. The business’s 50 day moving average is $44.92 and its two-hundred day moving average is $41.21. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22.

Sphere Entertainment (NYSE:SPHR) last announced 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 business had revenue of $273.40 million during the quarter, compared to analysts’ expectations of $271.28 million. During the same period in the prior year, the company earned $15.43 earnings per share. The business’s revenue was up 111.8% compared to the same quarter last year. On average, research analysts predict that Sphere Entertainment will post -9.6 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in Sphere Entertainment by 46.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company’s stock valued at $111,000 after acquiring an additional 810 shares during the last quarter. Carnegie Investment Counsel lifted its holdings in shares of Sphere Entertainment by 12.2% in the third quarter. Carnegie Investment Counsel now owns 167,220 shares of the company’s stock valued at $7,388,000 after purchasing an additional 18,160 shares in the last quarter. MADDEN SECURITIES Corp acquired a new stake in shares of Sphere Entertainment in the third quarter valued at approximately $1,237,000. O Keefe Stevens Advisory Inc. increased its stake in shares of Sphere Entertainment by 9.7% during the 3rd quarter. O Keefe Stevens Advisory Inc. now owns 187,501 shares of the company’s stock worth $8,284,000 after purchasing an additional 16,548 shares in the last quarter. Finally, Quent Capital LLC raised its position in shares of Sphere Entertainment by 15.5% during the 3rd quarter. Quent Capital LLC now owns 4,658 shares of the company’s stock worth $206,000 after purchasing an additional 624 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.