Sphere Entertainment (NYSE:SPHR) Shares Gap Up to $42.23

Shares of Sphere Entertainment Co. (NYSE:SPHR) gapped up before the market opened on Monday . The stock had previously closed at $42.23, but opened at $43.73. Sphere Entertainment shares last traded at $42.13, with a volume of 112,677 shares.

Analysts Set New Price Targets

Several research analysts recently weighed in on SPHR shares. Benchmark restated a “sell” rating and set a $40.00 target price on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Bank of America reduced their target price on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday. Macquarie upped 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. Guggenheim reduced their target price on shares of Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Finally, JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $37.00 to $57.00 in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Sphere Entertainment has a consensus rating of “Hold” and a consensus price target of $45.83.

Sphere Entertainment Trading Down 1.8 %

The company’s 50-day moving average price is $43.95 and its 200-day moving average price is $41.79. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 3.76 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last announced its earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $271.28 million. During the same quarter in the previous year, the company posted $15.43 EPS. The firm’s quarterly revenue was up 111.8% on a year-over-year basis. Equities analysts expect that Sphere Entertainment Co. will post -6.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its holdings in shares of Sphere Entertainment by 2.2% in the fourth quarter. Victory Capital Management Inc. now owns 20,851 shares of the company’s stock valued at $708,000 after purchasing an additional 457 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Sphere Entertainment by 24.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock valued at $52,095,000 after buying an additional 299,931 shares during the period. Quest Partners LLC purchased a new position in Sphere Entertainment in the fourth quarter worth approximately $61,000. Oxford Asset Management LLP acquired a new stake in Sphere Entertainment during the fourth quarter worth $577,000. Finally, Gabelli Funds LLC lifted its stake in shares of Sphere Entertainment by 1.8% in the 4th quarter. Gabelli Funds LLC now owns 669,870 shares of the company’s stock valued at $22,749,000 after purchasing an additional 11,700 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.