Sphere Entertainment Co. (NYSE:SPHR) Receives $35.60 Consensus PT from Brokerages

Shares of Sphere Entertainment Co. (NYSE:SPHR) have been assigned an average rating of “Hold” from the seven research firms that are currently covering the stock, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $35.60.

Several research firms have recently weighed in on SPHR. Wolfe Research began coverage on Sphere Entertainment in a research report on Wednesday, January 17th. They issued a “peer perform” rating on the stock. Bank of America initiated coverage on Sphere Entertainment in a report on Wednesday, February 7th. They issued a “neutral” rating and a $43.00 target price for the company. Seaport Res Ptn lowered shares of Sphere Entertainment from a “buy” rating to a “neutral” rating in a report on Monday, April 8th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Sphere Entertainment from $33.00 to $37.00 and gave the company a “neutral” rating in a research report on Tuesday, February 6th.

Insider Activity at Sphere Entertainment

In other news, CEO James Lawrence Dolan acquired 59,374 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were purchased at an average cost of $41.11 per share, for a total transaction of $2,440,865.14. Following the transaction, the chief executive officer now directly owns 443,900 shares in the company, valued at approximately $18,248,729. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO James Lawrence Dolan bought 59,374 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were bought at an average cost of $41.11 per share, for a total transaction of $2,440,865.14. Following the transaction, the chief executive officer now owns 443,900 shares of the company’s stock, valued at $18,248,729. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Andrea Greenberg sold 12,131 shares of the stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $51.00, for a total transaction of $618,681.00. Following the completion of the transaction, the chief executive officer now owns 76,650 shares of the company’s stock, valued at approximately $3,909,150. The disclosure for this sale can be found here. Insiders have purchased 245,669 shares of company stock worth $10,706,120 in the last quarter. Company insiders own 24.46% of the company’s stock.

Institutional Trading of Sphere Entertainment

Several large investors have recently modified their holdings of SPHR. Bank of New York Mellon Corp acquired a new position in Sphere Entertainment in the 3rd quarter valued at about $3,674,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Sphere Entertainment during the third quarter worth approximately $303,000. Strs Ohio acquired a new stake in Sphere Entertainment during the third quarter worth approximately $709,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Sphere Entertainment in the 3rd quarter worth approximately $424,000. Finally, Orion Portfolio Solutions LLC acquired a new position in Sphere Entertainment in the 3rd quarter valued at $452,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Stock Up 3.7 %

SPHR stock opened at $41.30 on Tuesday. The firm’s fifty day moving average is $44.46 and its 200 day moving average is $38.30. The firm has a market cap of $1.45 billion, a PE ratio of 3.90 and a beta of 1.46. Sphere Entertainment has a one year low of $20.68 and a one year high of $51.83. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.63 and a current ratio of 0.63.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Monday, February 5th. The company reported ($4.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.49) by ($4.42). Sphere Entertainment had a return on equity of 8.91% and a net margin of 40.36%. The business had revenue of $314.16 million for the quarter, compared to analysts’ expectations of $303.28 million. During the same quarter in the prior year, the company posted $2.25 EPS. The business’s revenue for the quarter was up 96.9% compared to the same quarter last year. On average, research analysts forecast that Sphere Entertainment will post -3.89 EPS for the current year.

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.