Sphere Entertainment (NYSE:SPHR) Price Target Cut to $45.00 by Analysts at Macquarie

Sphere Entertainment (NYSE:SPHR) had its price objective lowered by Macquarie from $47.00 to $45.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other analysts have also weighed in on SPHR. Bank of America reduced their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. Benchmark reaffirmed a “sell” rating and set a $40.00 target price on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Guggenheim boosted their target price on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Sphere Entertainment presently has an average rating of “Hold” and an average price target of $50.43.

Sphere Entertainment Price Performance

Shares of NYSE SPHR opened at $40.00 on Wednesday. The business’s fifty day moving average price is $43.40 and its two-hundred day moving average price is $41.40. Sphere Entertainment has a 1-year low of $27.02 and a 1-year high of $51.83. The company has a quick ratio of 0.63, a current ratio of 0.56 and a debt-to-equity ratio of 0.23.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.32) by $0.37. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The company had revenue of $227.90 million during the quarter, compared to analysts’ expectations of $229.86 million. During the same quarter in the prior year, the business posted $1.90 earnings per share. The company’s revenue for the quarter was up 93.1% compared to the same quarter last year. On average, analysts anticipate that Sphere Entertainment will post -11.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Geode Capital Management LLC increased its stake in shares of Sphere Entertainment by 1.2% in the third quarter. Geode Capital Management LLC now owns 613,008 shares of the company’s stock worth $27,088,000 after acquiring an additional 7,434 shares during the last quarter. State Street Corp grew its holdings in Sphere Entertainment by 1.6% during the third quarter. State Street Corp now owns 632,067 shares of the company’s stock valued at $27,925,000 after purchasing an additional 9,749 shares during the last quarter. Systematic Financial Management LP grew its stake in Sphere Entertainment by 3.0% in the 3rd quarter. Systematic Financial Management LP now owns 371,164 shares of the company’s stock valued at $16,398,000 after buying an additional 10,862 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of Sphere Entertainment during the 3rd quarter worth about $438,000. Finally, Clearline Capital LP acquired a new position in shares of Sphere Entertainment during the third quarter worth approximately $5,607,000. 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.