Sphere Entertainment (NYSE:SPHR) Price Target Raised to $80.00

Sphere Entertainment (NYSE:SPHR) had its price target hoisted by equities researchers at JPMorgan Chase & Co. from $68.00 to $80.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 8.70% from the company’s current price.

A number of other equities research analysts also recently issued reports on the company. The Goldman Sachs Group increased their price objective on Sphere Entertainment from $69.00 to $79.00 and gave the stock a “buy” rating in a research report on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Sphere Entertainment in a research report on Wednesday, October 8th. BTIG Research started coverage on Sphere Entertainment in a research report on Monday, October 6th. They set a “neutral” rating on the stock. Morgan Stanley raised their price target on Sphere Entertainment from $40.00 to $65.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Guggenheim raised their price target on Sphere Entertainment from $78.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Sphere Entertainment has a consensus rating of “Hold” and an average price target of $63.88.

Sphere Entertainment Stock Performance

NYSE SPHR traded up $4.13 on Wednesday, hitting $73.59. 888,594 shares of the stock traded hands, compared to its average volume of 907,602. The business’s fifty day moving average is $59.21 and its two-hundred day moving average is $45.89. Sphere Entertainment has a 12 month low of $23.89 and a 12 month high of $74.18. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of -13.77 and a beta of 1.79. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.13.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($1.37) EPS for the quarter, topping analysts’ consensus estimates of ($1.62) by $0.25. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The firm had revenue of $262.51 million during the quarter, compared to analyst estimates of $259.34 million. As a group, equities analysts anticipate that Sphere Entertainment will post -11.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

A number of large investors have recently added to or reduced their stakes in SPHR. Arizona State Retirement System raised its position in Sphere Entertainment by 2.0% in the 3rd quarter. Arizona State Retirement System now owns 7,758 shares of the company’s stock worth $482,000 after purchasing an additional 152 shares during the period. ORG Partners LLC grew its stake in Sphere Entertainment by 80.1% in the 3rd quarter. ORG Partners LLC now owns 661 shares of the company’s stock worth $41,000 after acquiring an additional 294 shares in the last quarter. First Trust Advisors LP grew its stake in Sphere Entertainment by 1.6% in the 2nd quarter. First Trust Advisors LP now owns 20,610 shares of the company’s stock worth $861,000 after acquiring an additional 315 shares in the last quarter. AlphaQuest LLC grew its stake in Sphere Entertainment by 3.9% in the 3rd quarter. AlphaQuest LLC now owns 8,461 shares of the company’s stock worth $526,000 after acquiring an additional 321 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Sphere Entertainment by 95.3% in the 2nd quarter. GAMMA Investing LLC now owns 744 shares of the company’s stock worth $31,000 after acquiring an additional 363 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

About Sphere Entertainment

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.