Sphere Entertainment (NYSE:SPHR) Cut to “Hold” at Craig Hallum

Craig Hallum cut shares of Sphere Entertainment (NYSE:SPHR) from a buy rating to a hold rating in a research report released on Monday, Marketbeat reports. Craig Hallum currently has $132.00 price target on the stock.

A number of other equities research analysts have also recently weighed in on the company. Susquehanna upped their price objective on Sphere Entertainment from $159.00 to $182.00 and gave the stock a “positive” rating in a research note on Thursday, June 18th. Benchmark lifted their price target on Sphere Entertainment from $155.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, June 18th. Guggenheim increased their price target on Sphere Entertainment from $193.00 to $208.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. Citizens Jmp upped their target price on Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Wednesday, June 17th. Finally, Piper Sandler assumed coverage on Sphere Entertainment in a research report on Thursday, August 20th. They set an “overweight” rating and a $185.00 target price on the stock. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Sphere Entertainment presently has a consensus rating of “Moderate Buy” and an average target price of $168.40.

Sphere Entertainment Stock Up 0.7%

Shares of Sphere Entertainment stock opened at $106.11 on Monday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22. The stock has a market cap of $3.81 billion, a price-to-earnings ratio of -39.60 and a beta of 1.61. The firm’s 50-day moving average is $146.33 and its two-hundred day moving average is $141.20. Sphere Entertainment has a 1 year low of $57.01 and a 1 year high of $181.63.

Sphere Entertainment (NYSE:SPHR) last announced its earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The business had revenue of $313.64 million for the quarter, compared to analysts’ expectations of $307.44 million. During the same quarter last year, the firm earned $3.39 EPS. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, research analysts expect that Sphere Entertainment will post -2.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors have recently modified their holdings of SPHR. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Sphere Entertainment in the fourth quarter valued at approximately $39,909,000. Assenagon Asset Management S.A. purchased a new position in Sphere Entertainment in the second quarter worth approximately $70,402,000. Renaissance Technologies LLC grew its holdings in Sphere Entertainment by 149.9% during the 1st quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock worth $65,736,000 after acquiring an additional 335,900 shares in the last quarter. Fred Alger Management LLC grew its holdings in Sphere Entertainment by 370.2% during the 4th quarter. Fred Alger Management LLC now owns 350,846 shares of the company’s stock worth $33,358,000 after acquiring an additional 276,231 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Sphere Entertainment in the 4th quarter valued at approximately $18,890,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

About Sphere Entertainment

Sphere Entertainment Co is an entertainment company focused on developing and operating large-scale live experiences, media properties and venues. Its flagship asset is Sphere, a next-generation entertainment venue in Las Vegas featuring a wraparound interior display, immersive audio and experiential programming. Sphere presents concerts, films, sporting events and other productions designed to combine live performance with advanced visual and audio technology.

The company also operates MSG Networks, a regional sports and entertainment media business serving audiences primarily in the New York metropolitan area.