Macquarie Cuts Sphere Entertainment (NYSE:SPHR) Price Target to $45.00

Sphere Entertainment (NYSE:SPHR) had its price objective cut by stock analysts at Macquarie from $47.00 to $45.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Macquarie’s price objective points to a potential upside of 11.43% from the stock’s previous close.

SPHR has been the topic of several other reports. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $37.00 to $57.00 in a report on Friday, August 16th. Benchmark reiterated a “sell” rating and set a $40.00 price objective on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price for the company in a research note on Wednesday, October 2nd. 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 report on Tuesday, September 17th. Finally, Guggenheim upped their price target on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $50.43.

Sphere Entertainment Price Performance

Shares of Sphere Entertainment stock opened at $40.39 on Wednesday. The business has a fifty day simple moving average of $43.54 and a 200 day simple moving average of $41.39. 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 12 month low of $27.02 and a 12 month high of $51.83.

Sphere Entertainment (NYSE:SPHR) last posted its 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. The company had revenue of $227.90 million during the quarter, compared to analyst estimates of $229.86 million. Sphere Entertainment had a negative return on equity of 16.26% and a negative net margin of 32.76%. The company’s revenue for the quarter was up 93.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.90 EPS. Sell-side analysts predict that Sphere Entertainment will post -9.6 EPS for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Several hedge funds have recently made changes to their positions in SPHR. Blue Trust Inc. bought a new position in Sphere Entertainment in the second quarter valued at $27,000. Summit Securities Group LLC bought a new position in shares of Sphere Entertainment in the 2nd quarter valued at about $54,000. 1832 Asset Management L.P. acquired a new stake in shares of Sphere Entertainment in the first quarter valued at about $85,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Sphere Entertainment by 46.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company’s stock worth $111,000 after acquiring an additional 810 shares in the last quarter. Finally, Quent Capital LLC boosted its position in Sphere Entertainment by 51.8% during the second quarter. Quent Capital LLC now owns 4,034 shares of the company’s stock valued at $141,000 after purchasing an additional 1,376 shares during the last quarter. 92.03% of the stock is owned by 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.