By otakuyassine3@gmail.com 
Sphere Entertainment Co. (NYSE:SPHR – Get Free Report)’s stock price shot up 4.5% during mid-day trading on Monday . The stock traded as high as $39.81 and last traded at $39.78. 218,308 shares were traded during trading, a decline of 71% from the average session volume of 746,244 shares. The stock had previously closed at $38.08.
Analysts Set New Price Targets
A number of brokerages have recently commented on SPHR. Bank of America dropped their price target on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. Macquarie dropped their target price on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, November 13th. Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a report on Wednesday, October 2nd. Benchmark reiterated a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Finally, Guggenheim lifted their target price on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Sphere Entertainment presently has a consensus rating of “Hold” and a consensus price target of $50.43.
Read Our Latest Stock Report on Sphere Entertainment
Sphere Entertainment Price Performance
The firm has a market capitalization of $1.43 billion, a P/E ratio of -3.84 and a beta of 1.38. The company has a fifty day moving average of $40.55 and a 200 day moving average of $41.81. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.
Sphere Entertainment (NYSE:SPHR – Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, beating analysts’ consensus estimates of ($3.32) by $0.37. The company had revenue of $227.90 million for the quarter, compared to analyst estimates of $229.86 million. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The company’s quarterly revenue was up 93.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.90 EPS. Sell-side analysts predict that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.
Institutional Investors Weigh In On Sphere Entertainment
Hedge funds have recently added to or reduced their stakes in the business. MADDEN SECURITIES Corp acquired a new stake in shares of Sphere Entertainment during the 3rd quarter worth approximately $1,237,000. Quest Partners LLC grew its holdings in Sphere Entertainment by 98,992.3% in the third quarter. Quest Partners LLC now owns 12,882 shares of the company’s stock worth $569,000 after purchasing an additional 12,869 shares during the period. Evergreen Capital Management LLC bought a new stake in Sphere Entertainment in the second quarter valued at $1,397,000. Nkcfo LLC acquired a new position in shares of Sphere Entertainment during the second quarter valued at about $561,000. Finally, Carnegie Investment Counsel boosted its position in shares of Sphere Entertainment by 12.2% during the 3rd quarter. Carnegie Investment Counsel now owns 167,220 shares of the company’s stock worth $7,388,000 after purchasing an additional 18,160 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.
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.
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