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

Sphere Entertainment (NYSE:SPHR) had its price target lowered by research analysts at Guggenheim from $180.00 to $175.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim‘s price target would suggest a potential upside of 47.25% from the stock’s previous close.

Several other equities research analysts have also issued reports on the stock. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $150.00 price objective on shares of Sphere Entertainment in a research note on Friday. Seaport Research Partners set a $160.00 price objective on shares of Sphere Entertainment in a report on Wednesday, October 7th. Craig Hallum downgraded shares of Sphere Entertainment from a “buy” rating to a “hold” rating and set a $132.00 target price on the stock. in a research report on Monday, October 5th. Wall Street Zen upgraded Sphere Entertainment from a “sell” rating to a “hold” rating in a report on Sunday, November 1st. Finally, Wells Fargo & Company set a $200.00 target price on Sphere Entertainment in a report on Tuesday, October 6th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $158.00.

Sphere Entertainment Stock Up 5.8%

NYSE SPHR traded up $6.51 during trading on Friday, reaching $118.84. The company’s stock had a trading volume of 225,831 shares, compared to its average volume of 782,053. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $4.27 billion, a PE ratio of -44.27 and a beta of 1.72. The business has a 50-day moving average price of $124.98 and a 200-day moving average price of $130.30. 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 earnings results on Thursday, November 5th. The company reported ($4.84) 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 business had revenue of $274.26 million during the quarter, compared to the consensus estimate of $269.71 million. During the same period in the prior year, the firm earned ($2.80) earnings per share. The business’s revenue was up 4.5% on a year-over-year basis. On average, research analysts forecast that Sphere Entertainment will post -2.70 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds have recently made changes to their positions in the stock. Maryland State Retirement & Pension System raised its holdings in Sphere Entertainment by 53.2% during the 3rd quarter. Maryland State Retirement & Pension System now owns 6,014 shares of the company’s stock worth $809,000 after purchasing an additional 2,089 shares during the last quarter. Jefferies Financial Group Inc. lifted its position in Sphere Entertainment by 1,422.3% during the 3rd quarter. Jefferies Financial Group Inc. now owns 26,640 shares of the company’s stock valued at $3,581,000 after purchasing an additional 24,890 shares during the period. Keybank National Association OH boosted its stake in shares of Sphere Entertainment by 42.7% in the 3rd quarter. Keybank National Association OH now owns 3,620 shares of the company’s stock valued at $487,000 after purchasing an additional 1,083 shares during the last quarter. Csenge Advisory Group bought a new position in shares of Sphere Entertainment in the 3rd quarter valued at about $577,000. Finally, Penn Capital Management Company LLC grew its position in shares of Sphere Entertainment by 17.5% during the 3rd quarter. Penn Capital Management Company LLC now owns 4,210 shares of the company’s stock worth $566,000 after buying an additional 626 shares during the period. Institutional investors own 92.03% of the company’s stock.

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.