Wolfe Research Upgrades Sphere Entertainment (NYSE:SPHR) to Outperform

by · The Markets Daily

Wolfe Research upgraded shares of Sphere Entertainment (NYSE:SPHR – Free Report) from a peer perform rating to an outperform rating in a research report released on Wednesday morning, Marketbeat.com reports. Wolfe Research currently has $60.00 target price on the stock.

SPHR has been the subject of a number of other research reports. Guggenheim upped their target price on Sphere Entertainment from $58.00 to $63.00 and gave the stock a buy rating in a report on Thursday, September 19th. Bank of America decreased their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a neutral rating for the company in a report on Tuesday, September 17th. Macquarie boosted their price objective 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. Morgan Stanley upped their price target 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. Finally, JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a neutral rating to an overweight rating and boosted their target price for the company from $37.00 to $57.00 in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Sphere Entertainment currently has a consensus rating of Hold and an average target price of $50.71.

View Our Latest Stock Analysis on Sphere Entertainment

Sphere Entertainment Trading Up 0.8 %

Shares of Sphere Entertainment stock opened at $45.26 on Wednesday. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of 4.16 and a beta of 1.41. The business has a 50-day moving average price of $43.80 and a 200-day moving average price of $41.38. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22. Sphere Entertainment has a twelve month low of $27.02 and a twelve month high of $51.83.

Sphere Entertainment (NYSE:SPHR – Get Free Report) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, topping the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The company had revenue of $273.40 million during the quarter, compared to analyst estimates of $271.28 million. During the same quarter last year, the business posted $15.43 earnings per share. The firm’s revenue was up 111.8% on a year-over-year basis. Equities research analysts anticipate that Sphere Entertainment will post -9.24 EPS for the current fiscal year.

Institutional Trading of Sphere Entertainment

A number of institutional investors have recently bought and sold shares of SPHR. Quent Capital LLC boosted its position in shares of Sphere Entertainment by 15.5% in the 3rd quarter. Quent Capital LLC now owns 4,658 shares of the company’s stock valued at $206,000 after purchasing an additional 624 shares during the period. SG Americas Securities LLC acquired a new stake in Sphere Entertainment during the 3rd quarter worth approximately $252,000. Sanctuary Advisors LLC acquired a new stake in shares of Sphere Entertainment in the 2nd quarter worth $2,332,000. Ariadne Wealth Management LP purchased a new stake in shares of Sphere Entertainment in the second quarter valued at about $993,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Sphere Entertainment in the second quarter valued at about $344,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

About Sphere Entertainment

(Get Free Report)

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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