Sphere Entertainment (NYSE:SPHR) Price Target Raised to $45.00

Sphere Entertainment (NYSE:SPHR) had its price objective increased by Benchmark from $35.00 to $45.00 in a research note released on Wednesday morning, Marketbeat Ratings reports. They currently have a sell rating on the stock.

A number of other analysts have also recently weighed in on the company. Wall Street Zen upgraded Sphere Entertainment from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Guggenheim raised their target price on Sphere Entertainment from $76.00 to $78.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. The Goldman Sachs Group upped their price target on shares of Sphere Entertainment from $50.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, September 17th. BTIG Research started coverage on shares of Sphere Entertainment in a research report on Monday, October 6th. They issued a “neutral” rating on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sphere Entertainment in a research report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Sphere Entertainment presently has a consensus rating of “Hold” and an average target price of $63.88.

Sphere Entertainment Stock Performance

NYSE:SPHR traded up $4.13 during trading hours on Wednesday, reaching $77.20. 1,022,349 shares of the stock were exchanged, compared to its average volume of 1,054,873. The stock has a market capitalization of $2.76 billion, a P/E ratio of -14.93 and a beta of 1.79. The firm has a 50 day simple moving average of $61.01 and a 200-day simple moving average of $46.64. The company has a quick ratio of 1.13, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. Sphere Entertainment has a 52 week low of $23.89 and a 52 week high of $77.48.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Tuesday, November 4th. The company reported ($1.37) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.62) by $0.25. Sphere Entertainment had a negative return on equity of 17.20% and a negative net margin of 13.87%.The business had revenue of $262.51 million during the quarter, compared to the consensus estimate of $259.34 million. As a group, sell-side analysts forecast that Sphere Entertainment will post -11.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Hedge funds have recently modified their holdings of the company. Ariel Investments LLC lifted its holdings in shares of Sphere Entertainment by 12.7% in the second quarter. Ariel Investments LLC now owns 7,100,237 shares of the company’s stock valued at $296,790,000 after buying an additional 802,098 shares during the period. Goldman Sachs Group Inc. raised its position in Sphere Entertainment by 132.0% in the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after acquiring an additional 357,794 shares in the last quarter. Deutsche Bank AG lifted its holdings in Sphere Entertainment by 292.8% in the 1st quarter. Deutsche Bank AG now owns 448,729 shares of the company’s stock valued at $14,682,000 after acquiring an additional 334,500 shares during the last quarter. Northern Trust Corp boosted its position in shares of Sphere Entertainment by 41.2% during the 1st quarter. Northern Trust Corp now owns 523,839 shares of the company’s stock valued at $17,140,000 after purchasing an additional 152,893 shares in the last quarter. Finally, Holocene Advisors LP grew its stake in shares of Sphere Entertainment by 23.2% in the 2nd quarter. Holocene Advisors LP now owns 760,160 shares of the company’s stock worth $31,775,000 after purchasing an additional 142,997 shares during the last quarter. 92.03% of the stock is currently 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.