Sphere Entertainment (NYSE:SPHR) Price Target Cut to $43.00 by Analysts at Bank of America

by · The Markets Daily

Sphere Entertainment (NYSE:SPHR – Free Report) had its target price trimmed by Bank of America from $45.00 to $43.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley upped their price target 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. Benchmark reissued a sell rating and issued a $40.00 target price on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Guggenheim reduced their target price on Sphere Entertainment from $48.00 to $43.00 and set a buy rating on the stock in a research note on Thursday, June 27th. Macquarie increased their target price on Sphere Entertainment from $38.00 to $47.00 and gave the company a neutral rating in a research note on Friday, August 16th. Finally, JPMorgan Chase & Co. raised Sphere Entertainment from a neutral rating to an overweight rating and increased their target price for the company from $37.00 to $57.00 in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Sphere Entertainment presently has a consensus rating of Hold and an average price target of $49.17.

Check Out Our Latest Stock Report on Sphere Entertainment

Sphere Entertainment Trading Up 6.9 %

Sphere Entertainment stock opened at $42.75 on Tuesday. The stock has a market cap of $1.51 billion, a P/E ratio of 3.93 and a beta of 1.41. Sphere Entertainment has a fifty-two week low of $27.02 and a fifty-two week high of $51.83. The firm’s fifty day moving average price is $43.88 and its 200-day moving average price is $41.79. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63.

Sphere Entertainment (NYSE:SPHR – Get Free Report) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share for the quarter, topping the consensus estimate of ($2.47) by $0.47. The firm had revenue of $273.40 million for the quarter, compared to analysts’ expectations of $271.28 million. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The business’s quarterly revenue was up 111.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $15.43 earnings per share. Equities research analysts forecast that Sphere Entertainment will post -6.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. bought a new position in shares of Sphere Entertainment during the second quarter valued at approximately $27,000. Summit Securities Group LLC bought a new position in shares of Sphere Entertainment during the second quarter valued at approximately $54,000. Quest Partners LLC bought a new position in shares of Sphere Entertainment during the fourth quarter valued at approximately $61,000. 1832 Asset Management L.P. bought a new position in shares of Sphere Entertainment during the first quarter valued at approximately $85,000. Finally, Quent Capital LLC increased its stake in shares of Sphere Entertainment by 7,717.6% during the first quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock valued at $130,000 after purchasing an additional 2,624 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Company Profile

(Get Free Report)

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.

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