Sphere Entertainment (NYSE:SPHR) Given New $45.00 Price Target at Morgan Stanley

Sphere Entertainment (NYSE:SPHR) had its price target lifted by Morgan Stanley from $42.00 to $45.00 in a report issued on Thursday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other research firms also recently commented on SPHR. Seaport Res Ptn downgraded Sphere Entertainment from a buy rating to a neutral rating in a research note on Monday, April 8th. Guggenheim dropped their price target on Sphere Entertainment from $48.00 to $43.00 and set a buy rating on the stock in a research report on Thursday, June 27th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $40.00.

Sphere Entertainment Stock Down 0.7 %

Shares of NYSE:SPHR opened at $43.66 on Thursday. Sphere Entertainment has a 1 year low of $27.02 and a 1 year high of $51.83. The company has a market capitalization of $1.54 billion, a PE ratio of 4.01 and a beta of 1.41. The business has a fifty day moving average price of $37.05 and a two-hundred day moving average price of $39.29. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.65 and a quick ratio of 0.65.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Friday, May 10th. The company reported ($1.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.98). The company had revenue of $321.33 million for the quarter, compared to analysts’ expectations of $324.65 million. Sphere Entertainment had a return on equity of 8.11% and a net margin of 43.36%. The business’s quarterly revenue was up 98.3% on a year-over-year basis. During the same quarter last year, the business posted ($1.08) EPS. Analysts forecast that Sphere Entertainment will post -4.93 earnings per share for the current year.

Institutional Investors Weigh In On Sphere Entertainment

Institutional investors have recently made changes to their positions in the stock. Ariel Investments LLC lifted its holdings in Sphere Entertainment by 2.7% during the 1st quarter. Ariel Investments LLC now owns 5,118,540 shares of the company’s stock worth $251,218,000 after purchasing an additional 135,641 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Sphere Entertainment by 0.6% during the first quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock valued at $137,787,000 after buying an additional 17,613 shares during the period. Jericho Capital Asset Management L.P. lifted its holdings in shares of Sphere Entertainment by 4.4% in the first quarter. Jericho Capital Asset Management L.P. now owns 2,542,865 shares of the company’s stock worth $124,804,000 after buying an additional 106,651 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Sphere Entertainment by 24.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock valued at $52,095,000 after acquiring an additional 299,931 shares during the period. Finally, Gamco Investors INC. ET AL grew its stake in Sphere Entertainment by 7.7% during the first quarter. Gamco Investors INC. ET AL now owns 960,581 shares of the company’s stock valued at $47,145,000 after acquiring an additional 69,001 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.