Sphere Entertainment (NYSE:SPHR) Price Target Raised to $190.00

Sphere Entertainment (NYSE:SPHR) had its price objective raised by BTIG Research from $127.00 to $190.00 in a research report report published on Wednesday, Marketbeat reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also weighed in on SPHR. Benchmark raised Sphere Entertainment from a “sell” rating to a “hold” rating in a research note on Tuesday, February 17th. JPMorgan Chase & Co. upped their price target on shares of Sphere Entertainment from $91.00 to $110.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. New Street Research set a $110.00 price objective on shares of Sphere Entertainment in a research note on Thursday, January 15th. Bank of America boosted their target price on shares of Sphere Entertainment from $110.00 to $132.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Finally, The Goldman Sachs Group upped their price target on shares of Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, April 8th. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $145.92.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $133.52 on Wednesday. The firm has a market cap of $4.74 billion, a P/E ratio of 75.01 and a beta of 1.69. Sphere Entertainment has a fifty-two week low of $31.85 and a fifty-two week high of $149.00. The stock’s 50-day moving average is $122.01 and its two-hundred day moving average is $100.23. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.09.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.27. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.The company had revenue of $386.41 million for the quarter, compared to the consensus estimate of $313.41 million. During the same period last year, the business posted ($2.27) earnings per share. The firm’s revenue was up 37.7% compared to the same quarter last year. Analysts predict that Sphere Entertainment will post -2.57 earnings per share for the current fiscal year.

Institutional Trading of Sphere Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in shares of Sphere Entertainment during the 3rd quarter valued at approximately $2,937,000. Legato Capital Management LLC purchased a new position in Sphere Entertainment during the third quarter valued at approximately $661,000. Kelleher Financial Advisors acquired a new stake in Sphere Entertainment in the fourth quarter valued at approximately $389,000. Citigroup Inc. grew its position in Sphere Entertainment by 94.0% in the third quarter. Citigroup Inc. now owns 50,592 shares of the company’s stock worth $3,143,000 after acquiring an additional 24,520 shares in the last quarter. Finally, Stratos Wealth Partners LTD. increased its stake in shares of Sphere Entertainment by 141.0% during the 4th quarter. Stratos Wealth Partners LTD. now owns 27,947 shares of the company’s stock worth $2,657,000 after purchasing an additional 16,351 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Company Profile

Sphere Entertainment Co (NYSE: SPHR) is a publicly traded company focused on the development and operation of large-scale immersive entertainment venues. Established as a standalone entity in early 2023 following its separation from Madison Square Garden Entertainment, Sphere leverages cutting-edge audiovisual technologies to create next-generation concert, film and cultural experiences. The company’s flagship venue in Las Vegas showcases its core capabilities, while additional projects are in various stages of development around the world.

At the Las Vegas Sphere, Sphere Entertainment has installed one of the largest LED display surfaces on the planet, wrapping audiences in 16K resolution imagery and spatial audio powered by proprietary sound systems.