Sphere Entertainment (NYSE:SPHR) Price Target Raised to $150.00

Sphere Entertainment (NYSE:SPHR) had its target price hoisted by JPMorgan Chase & Co. from $143.00 to $150.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts have also recently issued research reports about the company. Seaport Research Partners upgraded Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sphere Entertainment in a research report on Monday, April 20th. Bank of America boosted their price target on Sphere Entertainment from $110.00 to $132.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. National Bank Financial set a $136.00 price objective on Sphere Entertainment in a research note on Thursday, January 22nd. Finally, Susquehanna lifted their price objective on shares of Sphere Entertainment from $133.00 to $159.00 and gave the stock a “positive” rating in a report on Wednesday. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Sphere Entertainment has a consensus rating of “Moderate Buy” and a consensus target price of $145.92.

Sphere Entertainment Price Performance

Shares of SPHR stock opened at $133.52 on Wednesday. The firm has a fifty day moving average of $122.01 and a two-hundred day moving average of $100.23. 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 1-year low of $31.85 and a 1-year high of $149.00. 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 earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.27. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The business had revenue of $386.41 million for the quarter, compared to analyst estimates of $313.41 million. During the same quarter in the prior year, the business posted ($2.27) EPS. The company’s revenue for the quarter was up 37.7% on a year-over-year basis. As a group, research analysts anticipate that Sphere Entertainment will post -2.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors have recently made changes to their positions in SPHR. 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. Goldman Sachs Group Inc. grew its stake in Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after buying an additional 357,794 shares during the last quarter. Mane Global Capital Management LP acquired a new stake in Sphere Entertainment in the third quarter worth $22,143,000. Woodline Partners LP bought a new stake in Sphere Entertainment in the third quarter valued at $20,503,000. Finally, Fred Alger Management LLC lifted its stake in Sphere Entertainment by 370.2% in the fourth quarter. Fred Alger Management LLC now owns 350,846 shares of the company’s stock valued at $33,358,000 after buying an additional 276,231 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

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.