Bank of America Trims Sphere Entertainment (NYSE:SPHR) Target Price to $43.00

Sphere Entertainment (NYSE:SPHR) had its price objective decreased by Bank of America from $45.00 to $43.00 in a report issued on Tuesday, Benzinga reports. Bank of America currently has a neutral rating on the stock.

A number of other research firms have also commented on SPHR. JPMorgan Chase & Co. raised shares of Sphere Entertainment from a neutral rating to an overweight rating and raised their price target for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. Benchmark reissued a sell rating and issued a $40.00 target price on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Morgan Stanley raised their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an equal weight rating in a report on Thursday, July 11th. Macquarie raised their target price on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a neutral rating in a report on Friday, August 16th. Finally, Guggenheim decreased their target price on shares of Sphere Entertainment from $48.00 to $43.00 and set a buy rating on the stock in a report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Sphere Entertainment has an average rating of Hold and an average price target of $49.17.

Sphere Entertainment Price Performance

NYSE:SPHR opened at $41.09 on Tuesday. Sphere Entertainment has a 52 week low of $27.02 and a 52 week high of $51.83. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 3.77 and a beta of 1.41. The firm’s 50-day simple moving average is $43.83 and its 200 day simple moving average is $41.74. 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) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, topping 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 business had revenue of $273.40 million for the quarter, compared to analyst estimates of $271.28 million. During the same period last year, the firm earned $15.43 earnings per share. Sphere Entertainment’s revenue for the quarter was up 111.8% compared to the same quarter last year. As a group, sell-side analysts predict that Sphere Entertainment will post -6.9 earnings per share for the current year.

Institutional Investors Weigh In On Sphere Entertainment

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

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.