Benchmark Forecasts Strong Price Appreciation for Sphere Entertainment (NYSE:SPHR) Stock

Sphere Entertainment (NYSE:SPHR) had its target price upped by equities researchers at Benchmark from $35.00 to $45.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “sell” rating on the stock. Benchmark’s price objective would indicate a potential downside of 35.35% from the company’s current price.

Other analysts have also issued reports about the stock. Wall Street Zen raised shares of Sphere Entertainment from a “sell” rating to a “hold” rating in a research note on Saturday, July 12th. JPMorgan Chase & Co. lifted their price target on Sphere Entertainment from $60.00 to $68.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. Guggenheim lifted their target price on shares of Sphere Entertainment from $76.00 to $78.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Morgan Stanley raised their price objective on shares of Sphere Entertainment from $40.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sphere Entertainment in a report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Sphere Entertainment presently has a consensus rating of “Hold” and a consensus target price of $59.50.

Sphere Entertainment Stock Performance

Shares of SPHR opened at $69.61 on Wednesday. Sphere Entertainment has a 52-week low of $23.89 and a 52-week high of $72.14. The firm has a market capitalization of $2.49 billion, a PE ratio of -13.08 and a beta of 1.79. The firm has a 50-day moving average price of $59.21 and a 200 day moving average price of $45.89. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36.

Sphere Entertainment (NYSE:SPHR) last announced its earnings results on Tuesday, November 4th. The company reported ($1.37) EPS for the quarter, topping the consensus estimate of ($1.62) by $0.25. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%. On average, sell-side analysts anticipate that Sphere Entertainment will post -11.47 earnings per share for the current fiscal year.

Institutional Trading of Sphere Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of the company. Arizona State Retirement System grew its stake in Sphere Entertainment by 2.0% in the third quarter. Arizona State Retirement System now owns 7,758 shares of the company’s stock valued at $482,000 after purchasing an additional 152 shares in the last quarter. ORG Partners LLC increased its holdings in Sphere Entertainment by 80.1% in the third quarter. ORG Partners LLC now owns 661 shares of the company’s stock worth $41,000 after buying an additional 294 shares during the last quarter. First Trust Advisors LP raised its position in Sphere Entertainment by 1.6% during the second quarter. First Trust Advisors LP now owns 20,610 shares of the company’s stock valued at $861,000 after acquiring an additional 315 shares in the last quarter. AlphaQuest LLC lifted its stake in Sphere Entertainment by 3.9% in the third quarter. AlphaQuest LLC now owns 8,461 shares of the company’s stock valued at $526,000 after acquiring an additional 321 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Sphere Entertainment by 95.3% in the second quarter. GAMMA Investing LLC now owns 744 shares of the company’s stock worth $31,000 after acquiring an additional 363 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other 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.