Sphere Entertainment (NYSE:SPHR) Price Target Cut to $175.00 by Analysts at Guggenheim

Sphere Entertainment (NYSE:SPHR) had its target price lowered by Guggenheim from $180.00 to $175.00 in a research report report published on Friday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

SPHR has been the subject of a number of other reports. JPMorgan Chase & Co. cut their price target on Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating for the company in a report on Friday, July 31st. New Street Research set a $188.00 price objective on Sphere Entertainment in a research note on Tuesday, July 14th. Weiss Ratings cut Sphere Entertainment from a “hold (c)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. Seaport Research Partners set a $160.00 price objective on Sphere Entertainment in a report on Wednesday, October 7th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $150.00 target price on shares of Sphere Entertainment in a research note on Friday. Eleven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $156.87.

Sphere Entertainment Stock Performance

Shares of SPHR traded up $7.75 during trading hours on Friday, hitting $120.08. The company’s stock had a trading volume of 1,390,011 shares, compared to its average volume of 973,128. The business has a 50 day simple moving average of $124.43 and a two-hundred day simple moving average of $130.43. Sphere Entertainment has a 52-week low of $72.08 and a 52-week high of $181.63. 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 company has a market cap of $4.31 billion, a price-to-earnings ratio of -25.44 and a beta of 1.72.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Maryland State Retirement & Pension System boosted its stake in Sphere Entertainment by 53.2% during the third quarter. Maryland State Retirement & Pension System now owns 6,014 shares of the company’s stock valued at $809,000 after buying an additional 2,089 shares during the period. Jefferies Financial Group Inc. raised its holdings in shares of Sphere Entertainment by 1,422.3% in the 3rd quarter. Jefferies Financial Group Inc. now owns 26,640 shares of the company’s stock valued at $3,581,000 after acquiring an additional 24,890 shares in the last quarter. Keybank National Association OH raised its holdings 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 acquiring an additional 1,083 shares in the last quarter. Csenge Advisory Group purchased a new stake in shares of Sphere Entertainment in the 3rd quarter valued at about $577,000. Finally, Penn Capital Management Company LLC boosted 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 valued at $566,000 after acquiring an additional 626 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Sphere Entertainment

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

• Positive Sentiment: Strong ticket sales at Sphere: “The Wizard of Oz” exceeded $500 million in ticket sales, with more than four million tickets sold since its August debut. The company also introduced expanded 4D effects, supporting the potential for continued audience demand. Sphere Entertainment Q3 results
• Positive Sentiment: Revenue topped expectations: Q3 revenue was $274.26 million, above analyst estimates of about $269.7 million and up 4.5% year over year. Zacks also reported a per-share loss of $0.98, narrower than its consensus estimate of a $1.79 loss. Zacks Q3 earnings report
• Positive Sentiment: Guggenheim remains bullish: The firm cut its price target from $180 to $175 but maintained a Buy rating, implying substantial upside from the then-current price. The target reduction tempers, but does not reverse, the favorable stance. Guggenheim price-target update
• Negative Sentiment: Reported loss was a concern: Other earnings coverage cited a loss of $4.84 per share, far worse than the $1.66 consensus estimate. This contrasts with the narrower loss cited by Zacks, suggesting results varied across reported earnings measures and may have weighed on sentiment. Coverage of Sphere’s wider Q3 loss

Sphere Entertainment Company Profile

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.