Analysts Set Sphere Entertainment Co. (NYSE:SPHR) Price Target at $166.00

Sphere Entertainment Co. (NYSE:SPHR) has earned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $166.00.

SPHR has been the topic of several recent research reports. Benchmark increased their price objective on Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, June 18th. Citizens Jmp upped their target price on Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Wednesday, June 17th. Guggenheim boosted their price objective on shares of Sphere Entertainment from $193.00 to $208.00 and gave the stock a “buy” rating in a report on Wednesday, September 2nd. Piper Sandler began coverage on shares of Sphere Entertainment in a research note on Thursday, August 20th. They issued an “overweight” rating and a $185.00 price objective for the company. Finally, Seaport Research Partners reaffirmed a “buy” rating and issued a $191.00 price objective on shares of Sphere Entertainment in a research note on Thursday, August 13th.

Sphere Entertainment Trading Up 1.0%

Shares of SPHR opened at $143.27 on Friday. The firm’s 50 day simple moving average is $149.49 and its 200 day simple moving average is $138.34. The company has a market capitalization of $5.14 billion, a P/E ratio of -53.46 and a beta of 1.62. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22. Sphere Entertainment has a 1-year low of $55.87 and a 1-year high of $181.63.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, topping analysts’ consensus estimates of ($1.51) by $0.44. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The business had revenue of $313.64 million during the quarter, compared to analysts’ expectations of $307.44 million. During the same quarter in the previous year, the company earned $3.39 EPS. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. Sell-side analysts forecast that Sphere Entertainment will post -2.34 earnings per share for the current fiscal year.

Institutional Trading of Sphere Entertainment

Several institutional investors have recently added to or reduced their stakes in SPHR. California State Teachers Retirement System raised its position in Sphere Entertainment by 16,878.2% during the 2nd quarter. California State Teachers Retirement System now owns 5,136,742 shares of the company’s stock valued at $888,810,000 after purchasing an additional 5,106,487 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Sphere Entertainment in the 4th quarter worth approximately $39,909,000. Assenagon Asset Management S.A. purchased a new position in shares of Sphere Entertainment during the second quarter valued at approximately $70,402,000. Goldman Sachs Group Inc. lifted its stake in Sphere Entertainment by 132.0% in the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after acquiring an additional 357,794 shares during the period. Finally, Mane Global Capital Management LP purchased a new stake in Sphere Entertainment in the third quarter worth $22,143,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Company Profile

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences, venue operations and regional sports and entertainment programming. The company’s primary business is Sphere, a next-generation venue in Las Vegas, Nevada, designed to host concerts, residencies, films and other events using large-scale LED displays, advanced audio systems and immersive visual technologies.

Sphere Entertainment develops and presents original content for the venue, including immersive films and entertainment productions, while also generating revenue from ticketed events, hospitality, advertising, sponsorships and related partnerships.