Sphere Entertainment (NYSE:SPHR) Price Target Cut to $40.00 by Analysts at Macquarie

Sphere Entertainment (NYSE:SPHR) had its price target dropped by equities researchers at Macquarie from $45.00 to $40.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Macquarie’s price objective points to a potential upside of 22.53% from the stock’s current price.

SPHR has been the subject of several other reports. Morgan Stanley decreased their target price on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. Guggenheim reduced their price objective on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Stock Performance

Shares of Sphere Entertainment stock traded down $0.14 during trading hours on Tuesday, reaching $32.65. The company had a trading volume of 353,050 shares, compared to its average volume of 770,023. The firm has a market cap of $1.15 billion, a PE ratio of -3.10 and a beta of 1.39. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The business has a fifty day simple moving average of $43.30 and a 200 day simple moving average of $42.70. Sphere Entertainment has a one year low of $32.10 and a one year high of $50.88.

Institutional Investors Weigh In On Sphere Entertainment

Several hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. raised its holdings in shares of Sphere Entertainment by 1.2% in the 3rd quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock worth $991,000 after purchasing an additional 271 shares during the period. US Bancorp DE grew its position in Sphere Entertainment by 3.8% during the 4th quarter. US Bancorp DE now owns 7,511 shares of the company’s stock worth $303,000 after purchasing an additional 276 shares in the last quarter. Central Pacific Bank Trust Division lifted its position in shares of Sphere Entertainment by 5.3% in the fourth quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company’s stock worth $401,000 after purchasing an additional 500 shares in the last quarter. Boyar Asset Management Inc. raised its holdings in shares of Sphere Entertainment by 1.2% during the fourth quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company’s stock worth $1,793,000 after acquiring an additional 542 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in Sphere Entertainment by 108.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock worth $53,000 after buying an additional 681 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

About Sphere Entertainment

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.