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

Sphere Entertainment (NYSE:SPHR) had its price target decreased by Macquarie from $47.00 to $45.00 in a research report sent to investors on Wednesday,Benzinga reports. Macquarie currently has a neutral rating on the stock.

Several other analysts also recently weighed in on SPHR. 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 research report on Tuesday, September 17th. Guggenheim boosted their price objective 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. JPMorgan Chase & Co. upgraded 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 research note on Friday, August 16th. Benchmark reiterated a “sell” rating and set a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Finally, Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Sphere Entertainment currently has an average rating of “Hold” and a consensus target price of $50.43.

Sphere Entertainment Stock Performance

Shares of SPHR opened at $39.99 on Wednesday. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22. The firm has a market cap of $1.41 billion, a PE ratio of -3.81 and a beta of 1.41. Sphere Entertainment has a 12 month low of $27.02 and a 12 month high of $51.83. The stock has a fifty day moving average price of $43.40 and a 200-day moving average price of $41.38.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, beating analysts’ consensus estimates of ($3.32) by $0.37. Sphere Entertainment had a negative return on equity of 16.26% and a negative net margin of 32.76%. The company had revenue of $227.90 million during the quarter, compared to analysts’ expectations of $229.86 million. During the same period last year, the business posted $1.90 earnings per share. The firm’s revenue was up 93.1% compared to the same quarter last year. Equities research analysts predict that Sphere Entertainment will post -9.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

A number of institutional investors have recently modified their holdings of SPHR. Geode Capital Management LLC grew its holdings in Sphere Entertainment by 1.2% during the third quarter. Geode Capital Management LLC now owns 613,008 shares of the company’s stock worth $27,088,000 after acquiring an additional 7,434 shares during the period. State Street Corp boosted its position in Sphere Entertainment by 1.6% in the 3rd quarter. State Street Corp now owns 632,067 shares of the company’s stock worth $27,925,000 after purchasing an additional 9,749 shares in the last quarter. Systematic Financial Management LP grew its stake in shares of Sphere Entertainment by 3.0% during the 3rd quarter. Systematic Financial Management LP now owns 371,164 shares of the company’s stock worth $16,398,000 after purchasing an additional 10,862 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in shares of Sphere Entertainment during the 3rd quarter valued at approximately $438,000. Finally, Clearline Capital LP acquired a new position in shares of Sphere Entertainment in the 3rd quarter valued at $5,607,000. Hedge funds and other institutional investors 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.