Brokerages Set Sphere Entertainment Co. (NYSE:SPHR) PT at $47.75

Sphere Entertainment Co. (NYSE:SPHR) has earned a consensus recommendation of “Hold” from the nine analysts that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $47.38.

SPHR has been the topic of a number of analyst reports. Macquarie lowered their target price on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. Morgan Stanley decreased their price objective on 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. JPMorgan Chase & Co. cut their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Guggenheim decreased their price target on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th.

Sphere Entertainment Trading Down 1.4 %

NYSE:SPHR opened at $37.48 on Tuesday. Sphere Entertainment has a 52-week low of $32.10 and a 52-week 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. The stock has a fifty day simple moving average of $43.50 and a 200-day simple moving average of $42.99. The company has a market capitalization of $1.33 billion, a PE ratio of -3.57 and a beta of 1.39.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Steadfast Capital Management LP increased its position in Sphere Entertainment by 183.8% during the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock worth $37,340,000 after purchasing an additional 599,800 shares during the last quarter. Ariel Investments LLC raised its position in shares of Sphere Entertainment by 7.4% in the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock worth $231,606,000 after buying an additional 394,050 shares during the period. Norges Bank acquired a new position in Sphere Entertainment in the fourth quarter valued at $14,432,000. Wealthfront Advisers LLC acquired a new position in Sphere Entertainment in the fourth quarter valued at $11,286,000. Finally, Alliancebernstein L.P. increased its stake in Sphere Entertainment by 929.8% during the fourth quarter. Alliancebernstein L.P. now owns 285,885 shares of the company’s stock worth $11,527,000 after acquiring an additional 258,123 shares during the last quarter. 92.03% of the stock is currently 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.