Sphere Entertainment Co. (NYSE:SPHR) Given Average Rating of “Hold” by Analysts

Shares of Sphere Entertainment Co. (NYSE:SPHR) have earned an average recommendation of “Hold” from the eight ratings firms that are currently covering the firm, Marketbeat.com reports. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $40.00.

Several equities research analysts recently issued reports on SPHR shares. Benchmark started coverage on shares of Sphere Entertainment in a report on Tuesday. They set a “hold” rating on the stock. Guggenheim decreased their price target on shares of Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Seaport Res Ptn lowered shares of Sphere Entertainment from a “buy” rating to a “neutral” rating in a report on Monday, April 8th. Finally, Morgan Stanley boosted their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 11th.

Institutional Investors Weigh In On Sphere Entertainment

A number of institutional investors have recently added to or reduced their stakes in SPHR. Victory Capital Management Inc. boosted its stake in shares of Sphere Entertainment by 2.2% in the 4th quarter. Victory Capital Management Inc. now owns 20,851 shares of the company’s stock valued at $708,000 after purchasing an additional 457 shares during the last quarter. North Star Investment Management Corp. boosted its stake in shares of Sphere Entertainment by 0.5% in the 1st quarter. North Star Investment Management Corp. now owns 125,620 shares of the company’s stock valued at $6,165,000 after purchasing an additional 620 shares during the last quarter. Blue Trust Inc. bought a new stake in shares of Sphere Entertainment in the 2nd quarter valued at $27,000. Swiss National Bank boosted its stake in shares of Sphere Entertainment by 1.6% in the 1st quarter. Swiss National Bank now owns 50,159 shares of the company’s stock valued at $2,462,000 after purchasing an additional 800 shares during the last quarter. Finally, Allegheny Financial Group LTD boosted its stake in shares of Sphere Entertainment by 16.2% in the 4th quarter. Allegheny Financial Group LTD now owns 6,273 shares of the company’s stock valued at $213,000 after purchasing an additional 875 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Trading Down 2.3 %

Shares of Sphere Entertainment stock opened at $42.84 on Friday. The firm has a market capitalization of $1.51 billion, a PE ratio of 3.93 and a beta of 1.41. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21. The firm’s 50 day moving average is $37.88 and its 200 day moving average is $39.86. Sphere Entertainment has a 1 year low of $27.02 and a 1 year high of $51.83.

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

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.