Sphere Entertainment (NYSE:SPHR) PT Raised to $63.00 at Guggenheim

Sphere Entertainment (NYSE:SPHR) had its price objective increased by equities researchers at Guggenheim from $58.00 to $63.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s target price indicates a potential upside of 53.32% from the stock’s previous close.

Several other brokerages have also issued reports on SPHR. Bank of America dropped their target price on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research report on Tuesday. Morgan Stanley boosted their price objective on Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 11th. Macquarie raised their target price on Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. Finally, Benchmark restated a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $49.17.

Sphere Entertainment Price Performance

NYSE:SPHR opened at $41.09 on Thursday. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22. Sphere Entertainment has a 52 week low of $27.02 and a 52 week high of $51.83. The stock’s 50-day moving average price is $43.83 and its 200-day moving average price is $41.74. The stock has a market capitalization of $1.45 billion, a PE ratio of 3.77 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, beating the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The company had revenue of $273.40 million for the quarter, compared to analyst estimates of $271.28 million. During the same period last year, the company earned $15.43 earnings per share. Sphere Entertainment’s quarterly revenue was up 111.8% compared to the same quarter last year. As a group, equities analysts expect that Sphere Entertainment will post -6.9 EPS for the current fiscal year.

Institutional Trading of Sphere Entertainment

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new position in shares of Sphere Entertainment during the 2nd quarter valued at about $2,332,000. Ariadne Wealth Management LP acquired a new position in Sphere Entertainment in the 2nd quarter valued at about $993,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Sphere Entertainment in the 2nd quarter valued at approximately $344,000. Sender Co & Partners Inc. increased its holdings in shares of Sphere Entertainment by 372.6% during the 2nd quarter. Sender Co & Partners Inc. now owns 40,746 shares of the company’s stock worth $1,429,000 after buying an additional 32,124 shares during the last quarter. Finally, Luxor Capital Group LP raised its position in shares of Sphere Entertainment by 4.8% during the 2nd quarter. Luxor Capital Group LP now owns 21,741 shares of the company’s stock valued at $762,000 after buying an additional 1,000 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.