Brokerages Set Sphere Entertainment Co. (NYSE:SPHR) Target Price at $35.60

Sphere Entertainment Co. (NYSE:SPHR) has earned a consensus rating of “Hold” from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $35.60.

SPHR has been the subject of a number of research reports. JPMorgan Chase & Co. upped their target price on shares of Sphere Entertainment from $33.00 to $37.00 and gave the stock a “neutral” rating in a report on Tuesday, February 6th. Bank of America initiated coverage on shares of Sphere Entertainment in a report on Wednesday, February 7th. They set a “neutral” rating and a $43.00 target price for the company. Seaport Res Ptn lowered shares of Sphere Entertainment from a “buy” rating to a “neutral” rating in a report on Monday, April 8th. Finally, Wolfe Research initiated coverage on shares of Sphere Entertainment in a report on Wednesday, January 17th. They issued a “peer perform” rating for the company.

Sphere Entertainment Price Performance

Shares of NYSE SPHR opened at $40.69 on Friday. The firm has a market cap of $1.43 billion, a PE ratio of 3.85 and a beta of 1.40. The firm has a fifty day moving average of $44.68 and a 200 day moving average of $38.03. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.63 and a current ratio of 0.63. Sphere Entertainment has a one year low of $20.68 and a one year high of $51.83.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Monday, February 5th. The company reported ($4.91) EPS for the quarter, missing the consensus estimate of ($0.49) by ($4.42). Sphere Entertainment had a return on equity of 8.91% and a net margin of 40.36%. The company had revenue of $314.16 million during the quarter, compared to analysts’ expectations of $303.28 million. During the same period in the previous year, the firm posted $2.25 EPS. Sphere Entertainment’s revenue was up 96.9% compared to the same quarter last year. As a group, research analysts predict that Sphere Entertainment will post -3.88 EPS for the current fiscal year.

Insider Buying and Selling at Sphere Entertainment

In other news, CEO Andrea Greenberg sold 12,131 shares of the stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $51.00, for a total transaction of $618,681.00. Following the sale, the chief executive officer now owns 76,650 shares of the company’s stock, valued at $3,909,150. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Sphere Entertainment news, CEO James Lawrence Dolan purchased 110,156 shares of Sphere Entertainment stock in a transaction dated Monday, March 4th. The shares were acquired at an average price of $46.88 per share, with a total value of $5,164,113.28. Following the completion of the transaction, the chief executive officer now owns 630,195 shares of the company’s stock, valued at $29,543,541.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Andrea Greenberg sold 12,131 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $51.00, for a total transaction of $618,681.00. Following the completion of the sale, the chief executive officer now directly owns 76,650 shares in the company, valued at approximately $3,909,150. The disclosure for this sale can be found here. Insiders have purchased 245,669 shares of company stock valued at $10,706,120 over the last 90 days. 24.46% of the stock is owned by insiders.

Institutional Trading of Sphere Entertainment

Hedge funds have recently added to or reduced their stakes in the company. Ancora Advisors LLC acquired a new stake in Sphere Entertainment in the third quarter valued at approximately $25,000. Tower Research Capital LLC TRC purchased a new position in Sphere Entertainment in the third quarter valued at approximately $35,000. Qube Research & Technologies Ltd purchased a new position in Sphere Entertainment in the third quarter valued at approximately $45,000. National Bank of Canada FI purchased a new position in Sphere Entertainment in the fourth quarter valued at approximately $46,000. Finally, FMR LLC purchased a new position in Sphere Entertainment in the third quarter valued at approximately $52,000. 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.