Sphere Entertainment (NYSE:SPHR) Stock Price Target Lowered at Guggenheim

Sphere Entertainment (NYSE:SPHR) had its price target reduced by equities researchers at Guggenheim from $180.00 to $175.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim‘s price objective suggests a potential upside of 47.25% from the company’s previous close.

SPHR has been the topic of several other research reports. Weiss Ratings lowered Sphere Entertainment from a “hold (c)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. BTIG Research decreased their target price on Sphere Entertainment from $190.00 to $160.00 and set a “buy” rating for the company in a research report on Tuesday, October 6th. New Street Research set a $188.00 price target on Sphere Entertainment in a research note on Tuesday, July 14th. Wall Street Zen raised Sphere Entertainment from a “sell” rating to a “hold” rating in a research note on Sunday, November 1st. Finally, Craig Hallum downgraded shares of Sphere Entertainment from a “buy” rating to a “hold” rating and set a $132.00 price target on the stock. in a research report on Monday, October 5th. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $158.00.

Sphere Entertainment Trading Up 5.8%

Shares of SPHR stock traded up $6.51 during trading hours on Friday, reaching $118.84. The company had a trading volume of 225,831 shares, compared to its average volume of 782,053. The company has a 50 day moving average of $124.98 and a 200 day moving average of $130.30. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22. The firm has a market cap of $4.27 billion, a price-to-earnings ratio of -44.27 and a beta of 1.72. Sphere Entertainment has a 1-year low of $72.08 and a 1-year high of $181.63.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings results on Thursday, November 5th. The company reported ($4.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.66) by ($3.18). Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%. The company had revenue of $274.26 million during the quarter, compared to the consensus estimate of $269.71 million. During the same quarter in the prior year, the business earned ($2.80) earnings per share. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, equities research analysts anticipate that Sphere Entertainment will post -2.70 EPS for the current year.

Institutional Trading of Sphere Entertainment

Several hedge funds have recently bought and sold shares of SPHR. TD Waterhouse Canada Inc. boosted its holdings in shares of Sphere Entertainment by 31,980.0% in the second quarter. TD Waterhouse Canada Inc. now owns 19,248 shares of the company’s stock valued at $3,467,000 after buying an additional 19,188 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Sphere Entertainment during the second quarter worth $1,644,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Sphere Entertainment during the first quarter worth $3,621,000. Renaissance Technologies LLC lifted its position in Sphere Entertainment by 149.9% in the 1st quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock valued at $65,736,000 after acquiring an additional 335,900 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its position in Sphere Entertainment by 84.9% in the 1st quarter. Quantinno Capital Management LP now owns 36,822 shares of the company’s stock valued at $4,323,000 after acquiring an additional 16,907 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment News Roundup

Here are the key news stories impacting Sphere Entertainment this week:

• Positive Sentiment: Revenue was $274.3 million, topping analysts’ estimates of about $269.7 million and rising 4.5% year over year. The Wizard of Oz at Sphere had generated more than $500 million in ticket sales, with over four million tickets sold since its August debut—evidence of strong audience demand. Sphere Entertainment Q3 results
• Neutral Sentiment: Coverage cited different per-share loss measures: one report said SPHR lost $0.98 per share, better than its cited consensus, while the reported result elsewhere was a $4.84 loss per share. Investors may distinguish adjusted results from the larger reported loss when assessing the quarter. Zacks Q3 earnings report
• Negative Sentiment: The $4.84-per-share loss was considerably worse than the cited analyst consensus of a $1.66 loss. That reported earnings miss and ongoing losses could weigh on the shares despite the revenue beat and ticket-sales momentum. Earnings Flash: SPHR posts Q3 loss

About Sphere Entertainment

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences and sports and entertainment programming. Its principal asset is Sphere, a next-generation venue in Las Vegas featuring a large exterior LED display, a high-resolution interior screen, advanced audio technology and immersive production capabilities.

Sphere presents concerts, residencies, films and other experiences, while its Sphere Studios business develops original content and technology for the venue and other immersive applications.