Sphere Entertainment (NYSE:SPHR) Price Target Cut to $45.00 by Analysts at Macquarie

Sphere Entertainment (NYSE:SPHR) had its price target lowered by Macquarie from $47.00 to $45.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a neutral rating on the stock.

Other research analysts also recently issued research reports about the stock. Bank of America reduced their price target 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. Benchmark reissued a “sell” rating and set a $40.00 target price on shares of Sphere Entertainment in a report on Tuesday, September 3rd. JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $37.00 to $57.00 in a research note on Friday, August 16th. Guggenheim increased their price objective on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Wolfe Research raised shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $50.43.

Sphere Entertainment Stock Down 0.9 %

Sphere Entertainment stock opened at $39.99 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63. The stock has a market capitalization of $1.41 billion, a PE ratio of -3.81 and a beta of 1.41. The business has a 50 day simple moving average of $43.40 and a 200-day simple moving average of $41.38. Sphere Entertainment has a 12 month low of $27.02 and a 12 month high of $51.83.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, topping the consensus estimate of ($3.32) by $0.37. The company had revenue of $227.90 million during the quarter, compared to analyst estimates of $229.86 million. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.26%. The firm’s revenue was up 93.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.90 EPS. On average, analysts anticipate that Sphere Entertainment will post -9.6 EPS for the current fiscal year.

Institutional Trading of Sphere Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of SPHR. Blue Trust Inc. purchased a new stake in shares of Sphere Entertainment in the second quarter valued at about $27,000. Summit Securities Group LLC purchased a new stake in shares of Sphere Entertainment in the 2nd quarter valued at approximately $54,000. 1832 Asset Management L.P. acquired a new stake in shares of Sphere Entertainment during the 1st quarter worth approximately $85,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Sphere Entertainment by 46.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company’s stock valued at $111,000 after buying an additional 810 shares during the period. Finally, Quent Capital LLC raised its position in shares of Sphere Entertainment by 51.8% during the 2nd quarter. Quent Capital LLC now owns 4,034 shares of the company’s stock valued at $141,000 after buying an additional 1,376 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

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.