Sphere Entertainment (NYSE:SPHR) Now Covered by Craig Hallum

Craig Hallum assumed coverage on shares of Sphere Entertainment (NYSE:SPHR) in a research note released on Monday, MarketBeat reports. The firm issued a buy rating and a $75.00 price objective on the stock.

A number of other research firms have also commented on SPHR. Susquehanna started coverage on Sphere Entertainment in a research report on Monday, April 28th. They set a “positive” rating and a $37.00 price target for the company. Morgan Stanley reduced their target price on Sphere Entertainment from $45.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 10th. Macquarie dropped their price target on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Wall Street Zen cut shares of Sphere Entertainment from a “hold” rating to a “sell” rating in a report on Saturday, June 21st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Sphere Entertainment from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $48.70.

Sphere Entertainment Stock Performance

NYSE:SPHR opened at $39.55 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.53 and a current ratio of 0.53. Sphere Entertainment has a fifty-two week low of $23.89 and a fifty-two week high of $50.88. The firm has a market cap of $1.42 billion, a PE ratio of -3.95 and a beta of 1.65. The business has a 50 day moving average price of $34.70 and a 200-day moving average price of $37.18.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.48) by $0.21. Sphere Entertainment had a negative net margin of 33.00% and a negative return on equity of 16.78%. The business had revenue of $280.57 million for the quarter, compared to analyst estimates of $285.01 million. During the same quarter last year, the firm earned ($1.33) EPS. The company’s revenue was down 12.7% on a year-over-year basis. Equities research analysts predict that Sphere Entertainment will post -11.47 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Sterling Capital Management LLC grew its holdings in shares of Sphere Entertainment by 826.1% during the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after buying an additional 760 shares during the last quarter. Ancora Advisors LLC purchased a new position in Sphere Entertainment in the 4th quarter worth approximately $40,000. Tower Research Capital LLC TRC lifted its position in Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock valued at $53,000 after acquiring an additional 681 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in Sphere Entertainment in the 4th quarter valued at approximately $93,000. Finally, Headlands Technologies LLC purchased a new stake in Sphere Entertainment during the 1st quarter valued at $123,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

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.