Craig Hallum Begins Coverage on Sphere Entertainment (NYSE:SPHR)

Craig Hallum assumed coverage on shares of Sphere Entertainment (NYSE:SPHR) in a research report issued on Monday,Benzinga reports. The brokerage set a “buy” rating and a $75.00 price target on the stock. Craig Hallum’s price objective indicates a potential upside of 94.41% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Morgan Stanley decreased their price target on Sphere Entertainment from $45.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, April 10th. Guggenheim lifted their target price on shares of Sphere Entertainment from $69.00 to $74.00 and gave the company a “buy” rating in a report on Friday, May 9th. The Goldman Sachs Group set a $36.00 price target on shares of Sphere Entertainment and gave the stock a “buy” rating in a report on Friday, April 18th. Benchmark reaffirmed a “sell” rating and issued a $35.00 price objective on shares of Sphere Entertainment in a report on Monday, May 19th. Finally, Susquehanna began coverage on shares of Sphere Entertainment in a research note on Monday, April 28th. They set a “positive” rating and a $37.00 target price on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of “Hold” and an average target price of $48.70.

Sphere Entertainment Price Performance

Shares of NYSE SPHR opened at $38.58 on Monday. Sphere Entertainment has a 52 week low of $23.89 and a 52 week high of $50.88. The business’s 50 day moving average price is $33.84 and its 200 day moving average price is $37.13. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.24. The firm has a market cap of $1.38 billion, a P/E ratio of -3.85 and a beta of 1.65.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Thursday, May 8th. The company reported ($2.27) EPS for the quarter, beating the consensus estimate of ($2.48) by $0.21. The business had revenue of $280.57 million for the quarter, compared to the consensus estimate of $285.01 million. Sphere Entertainment had a negative net margin of 33.00% and a negative return on equity of 16.78%. The business’s revenue for the quarter was down 12.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.33) EPS. On average, sell-side analysts expect that Sphere Entertainment will post -11.47 earnings per share for the current year.

Hedge Funds Weigh In On Sphere Entertainment

Hedge funds have recently made changes to their positions in the company. Sterling Capital Management LLC boosted its stake in shares of Sphere Entertainment by 826.1% in the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock worth $34,000 after acquiring an additional 760 shares during the last quarter. Ancora Advisors LLC acquired a new stake in Sphere Entertainment during the 4th quarter worth $40,000. Tower Research Capital LLC TRC boosted its stake in Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock worth $53,000 after purchasing an additional 681 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Sphere Entertainment during the fourth quarter worth $93,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Sphere Entertainment in the first quarter valued at about $123,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Company Profile

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.