Sphere Entertainment (NYSE:SPHR) Price Target Raised to $91.00

Sphere Entertainment (NYSE:SPHR) had its price target hoisted by research analysts at JPMorgan Chase & Co. from $80.00 to $91.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 9.24% from the stock’s previous close.

SPHR has been the subject of a number of other research reports. BTIG Research assumed coverage on Sphere Entertainment in a research report on Monday, October 6th. They issued a “neutral” rating for the company. Morgan Stanley lifted their price target on shares of Sphere Entertainment from $40.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Monday, November 3rd. Guggenheim increased their price objective on shares of Sphere Entertainment from $78.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Benchmark boosted their target price on shares of Sphere Entertainment from $35.00 to $45.00 and gave the company a “sell” rating in a research note on Wednesday, November 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sphere Entertainment in a research note on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Sphere Entertainment has an average rating of “Hold” and a consensus target price of $65.25.

Sphere Entertainment Stock Up 2.2%

Shares of Sphere Entertainment stock traded up $1.83 on Thursday, reaching $83.30. The company’s stock had a trading volume of 407,167 shares, compared to its average volume of 904,617. Sphere Entertainment has a 52 week low of $23.89 and a 52 week high of $84.78. The firm’s fifty day simple moving average is $69.78 and its two-hundred day simple moving average is $52.86. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of -16.13 and a beta of 1.79.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Northern Trust Corp boosted its position in shares of Sphere Entertainment by 41.2% during the 1st quarter. Northern Trust Corp now owns 523,839 shares of the company’s stock worth $17,140,000 after acquiring an additional 152,893 shares in the last quarter. Sandler Capital Management acquired a new position in Sphere Entertainment in the first quarter valued at approximately $1,701,000. D.A. Davidson & CO. acquired a new stake in Sphere Entertainment during the second quarter worth approximately $209,000. Capital Fund Management S.A. raised its holdings in Sphere Entertainment by 48.4% during the first quarter. Capital Fund Management S.A. now owns 92,277 shares of the company’s stock worth $3,019,000 after purchasing an additional 30,093 shares in the last quarter. Finally, Atria Wealth Solutions Inc. acquired a new position in shares of Sphere Entertainment in the 1st quarter valued at $279,000. 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.