Guggenheim Raises Sphere Entertainment (NYSE:SPHR) Price Target to $63.00

Sphere Entertainment (NYSE:SPHR) had its price target increased by Guggenheim from $58.00 to $63.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also commented on the stock. Morgan Stanley lifted their price objective on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an equal weight rating in a research note on Thursday, July 11th. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a neutral rating to an overweight rating and upped their price target for the company from $37.00 to $57.00 in a report on Friday, August 16th. Benchmark reissued a sell rating and issued a $40.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Macquarie boosted their target price on Sphere Entertainment from $38.00 to $47.00 and gave the company a neutral rating in a research report on Friday, August 16th. Finally, Bank of America cut their price target on Sphere Entertainment from $45.00 to $43.00 and set a neutral rating on the stock in a research note on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $49.17.

Sphere Entertainment Stock Performance

NYSE:SPHR opened at $41.07 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 3.77 and a beta of 1.41. Sphere Entertainment has a 1 year low of $27.02 and a 1 year high of $51.83. The stock’s 50 day simple moving average is $43.83 and its two-hundred day simple moving average is $41.65.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.47) by $0.47. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The company had revenue of $273.40 million for the quarter, compared to the consensus estimate of $271.28 million. During the same quarter in the prior year, the firm earned $15.43 earnings per share. Sphere Entertainment’s revenue was up 111.8% on a year-over-year basis. As a group, equities analysts anticipate that Sphere Entertainment will post -6.9 earnings per share for the current fiscal year.

Institutional Trading of Sphere Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new position in shares of Sphere Entertainment in the 2nd quarter worth $2,332,000. Ariadne Wealth Management LP bought a new position in Sphere Entertainment in the second quarter worth about $993,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Sphere Entertainment during the second quarter valued at about $344,000. Sender Co & Partners Inc. boosted its holdings in shares of Sphere Entertainment by 372.6% in the 2nd quarter. Sender Co & Partners Inc. now owns 40,746 shares of the company’s stock valued at $1,429,000 after buying an additional 32,124 shares in the last quarter. Finally, Luxor Capital Group LP grew its position in shares of Sphere Entertainment by 4.8% in the 2nd quarter. Luxor Capital Group LP now owns 21,741 shares of the company’s stock worth $762,000 after buying an additional 1,000 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

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.