Sphere Entertainment (NYSE:SPHR) Price Target Raised to $159.00

Sphere Entertainment (NYSE:SPHR) had its price objective lifted by Susquehanna from $133.00 to $159.00 in a report released on Wednesday morning, Marketbeat.com reports. They currently have a positive rating on the stock.

A number of other research firms also recently commented on SPHR. Citizens Jmp initiated coverage on Sphere Entertainment in a research report on Monday, March 30th. They issued an “outperform” rating and a $150.00 target price on the stock. JPMorgan Chase & Co. boosted their target price on Sphere Entertainment from $91.00 to $110.00 and gave the stock an “overweight” rating in a research report on Thursday, January 15th. Bank of America boosted their target price on Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. The Goldman Sachs Group boosted their target price on Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. Finally, New Street Research set a $110.00 target price on Sphere Entertainment in a research report on Thursday, January 15th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $145.92.

Sphere Entertainment Price Performance

Shares of Sphere Entertainment stock opened at $133.52 on Wednesday. The stock’s 50-day simple moving average is $122.01 and its 200-day simple moving average is $100.23. Sphere Entertainment has a 52 week low of $31.85 and a 52 week high of $149.00. The company has a market capitalization of $4.74 billion, a price-to-earnings ratio of 75.01 and a beta of 1.69. The company has a quick ratio of 1.09, a current ratio of 1.22 and a debt-to-equity ratio of 0.33.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) 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 business had revenue of $386.41 million for the quarter, compared to the consensus estimate of $313.41 million. During the same period in the previous year, the business earned ($2.27) earnings per share. The business’s revenue was up 37.7% on a year-over-year basis. As a group, analysts expect that Sphere Entertainment will post -2.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of the business. Rockefeller Capital Management L.P. lifted its stake in shares of Sphere Entertainment by 19.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock worth $58,000 after acquiring an additional 100 shares during the last quarter. Vision Retirement LLC lifted its stake in shares of Sphere Entertainment by 38.0% during the 1st quarter. Vision Retirement LLC now owns 483 shares of the company’s stock worth $57,000 after acquiring an additional 133 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Sphere Entertainment by 0.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,263 shares of the company’s stock worth $3,448,000 after acquiring an additional 145 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of Sphere Entertainment by 2.0% during the 3rd quarter. Arizona State Retirement System now owns 7,758 shares of the company’s stock worth $482,000 after acquiring an additional 152 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of Sphere Entertainment by 53.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock worth $43,000 after acquiring an additional 156 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

About Sphere Entertainment

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.