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 note issued to investors on Wednesday, Benzinga reports. They currently have a $47.00 target price on the stock. Macquarie’s price objective points to a potential upside of 6.17% from the stock’s previous close.

A number of other analysts also recently weighed in on SPHR. Guggenheim boosted their target price on Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Bank of America cut their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 17th. Wolfe Research upgraded shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a research report on Wednesday, October 2nd. Benchmark reaffirmed a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Finally, Morgan Stanley raised their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, July 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $50.71.

Sphere Entertainment Stock Performance

SPHR traded down $1.69 during trading on Wednesday, hitting $44.27. 460,296 shares of the company traded hands, compared to its average volume of 748,114. The firm has a market cap of $1.56 billion, a P/E ratio of 4.07 and a beta of 1.41. 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 has a one year low of $27.02 and a one year high of $51.83. The stock’s fifty day moving average is $44.92 and its 200 day moving average is $41.19.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) earnings per share for the quarter, beating the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The business had revenue of $273.40 million during the quarter, compared to analyst estimates of $271.28 million. During the same period in the prior year, the company earned $15.43 earnings per share. Sphere Entertainment’s revenue was up 111.8% compared to the same quarter last year. As a group, equities analysts predict that Sphere Entertainment will post -9.6 EPS for the current fiscal year.

Institutional Trading of Sphere Entertainment

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Sphere Entertainment by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 2,789,782 shares of the company’s stock worth $94,741,000 after acquiring an additional 100,311 shares during the period. Cannon Global Investment Management LLC purchased a new position in shares of Sphere Entertainment during the first quarter worth $290,000. Allspring Global Investments Holdings LLC purchased a new position in Sphere Entertainment during the 1st quarter valued at about $255,000. Redmont Wealth Advisors LLC grew its holdings in shares of Sphere Entertainment by 14.5% in the first quarter. Redmont Wealth Advisors LLC now owns 15,397 shares of the company’s stock valued at $756,000 after purchasing an additional 1,948 shares in the last quarter. Finally, North Star Investment Management Corp. grew its stake in shares of Sphere Entertainment by 0.5% in the first quarter. North Star Investment Management Corp. now owns 125,620 shares of the company’s stock worth $6,165,000 after acquiring an additional 620 shares in the last quarter. 92.03% of the stock is 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.