Sphere Entertainment (NYSE:SPHR – Get Free Report)‘s stock had its “overweight” rating restated by stock analysts at Piper Sandler in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $145.00 price objective on the stock, down from their previous price objective of $185.00. Piper Sandler‘s price target would indicate a potential upside of 32.62% from the company’s current price.
Other equities analysts have also recently issued reports about the stock. Weiss Ratings cut shares of Sphere Entertainment from a “hold (c)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Craig Hallum downgraded shares of Sphere Entertainment from a “buy” rating to a “hold” rating and set a $132.00 price objective on the stock. in a report on Monday, October 5th. Wells Fargo & Company set a $200.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, October 6th. The Goldman Sachs Group upped their price objective on shares of Sphere Entertainment from $150.00 to $189.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Finally, Citigroup reiterated a “market outperform” rating on shares of Sphere Entertainment in a research note on Tuesday, October 6th. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.27.
Get Our Latest Research Report on Sphere Entertainment
Sphere Entertainment Stock Performance
Shares of SPHR stock traded down $2.28 during trading hours on Friday, reaching $109.33. 135,979 shares of the company’s stock were exchanged, compared to its average volume of 778,786. Sphere Entertainment has a fifty-two week low of $64.00 and a fifty-two week high of $181.63. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $3.93 billion, a P/E ratio of -40.80 and a beta of 1.61. The business has a fifty day moving average price of $134.91 and a 200-day moving average price of $140.64.
Sphere Entertainment (NYSE:SPHR – Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.51) by $0.44. The business had revenue of $313.64 million for the quarter, compared to the consensus estimate of $307.44 million. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. Sphere Entertainment’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the company posted $3.39 earnings per share. Analysts predict that Sphere Entertainment will post -2.54 EPS for the current fiscal year.
Institutional Investors Weigh In On Sphere Entertainment
A number of institutional investors have recently bought and sold shares of the business. Crossmark Global Holdings Inc. bought a new stake in Sphere Entertainment in the 3rd quarter valued at $201,000. Kercheville Advisors LLC acquired a new position in shares of Sphere Entertainment in the 3rd quarter valued at $336,000. Assenagon Asset Management S.A. lifted its holdings in shares of Sphere Entertainment by 114.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 871,484 shares of the company’s stock worth $117,162,000 after acquiring an additional 464,609 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Sphere Entertainment by 18.4% during the 3rd quarter. GAMMA Investing LLC now owns 1,138 shares of the company’s stock worth $153,000 after acquiring an additional 177 shares during the period. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Sphere Entertainment by 13.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,607 shares of the company’s stock worth $350,000 after acquiring an additional 308 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.
About Sphere Entertainment
Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences and sports and entertainment programming. Its principal asset is Sphere, a next-generation venue in Las Vegas featuring a large exterior LED display, a high-resolution interior screen, advanced audio technology and immersive production capabilities.
Sphere presents concerts, residencies, films and other experiences, while its Sphere Studios business develops original content and technology for the venue and other immersive applications.
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