Sphere Entertainment (NYSE:SPHR) Stock Price Expected to Rise, Citizens Jmp Analyst Says

Sphere Entertainment (NYSE:SPHR) had its price objective increased by stock analysts at Citizens Jmp from $175.00 to $200.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. Citizens Jmp’s price objective indicates a potential upside of 30.49% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Morgan Stanley reiterated an “overweight” rating and set a $170.00 price target on shares of Sphere Entertainment in a report on Wednesday, May 6th. BTIG Research reaffirmed a “buy” rating and issued a $190.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, May 19th. The Goldman Sachs Group lifted their target price on Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, April 8th. 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 report on Thursday, April 9th. Finally, Guggenheim increased their price target on Sphere Entertainment from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $147.85.

Sphere Entertainment Stock Down 0.4%

SPHR stock traded down $0.62 during midday trading on Wednesday, hitting $153.27. The company’s stock had a trading volume of 134,316 shares, compared to its average volume of 781,157. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22. Sphere Entertainment has a twelve month low of $37.89 and a twelve month high of $160.36. The company’s fifty day moving average price is $135.79 and its 200 day moving average price is $113.17. The stock has a market capitalization of $5.44 billion, a P/E ratio of 86.05 and a beta of 1.65.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.27. The company had revenue of $386.41 million during the quarter, compared to the consensus estimate of $313.41 million. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The company’s quarterly revenue was up 37.7% on a year-over-year basis. During the same period in the prior year, the business posted ($2.27) EPS. As a group, equities research analysts predict that Sphere Entertainment will post -2.44 EPS for the current year.

Institutional Trading of Sphere Entertainment

A number of institutional investors have recently modified their holdings of the stock. Royal Bank of Canada increased its holdings in Sphere Entertainment by 5.5% in the 1st quarter. Royal Bank of Canada now owns 150,614 shares of the company’s stock valued at $4,928,000 after buying an additional 7,891 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Sphere Entertainment by 5.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,270 shares of the company’s stock worth $532,000 after buying an additional 831 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of 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. Legal & General Group Plc lifted its position in shares of Sphere Entertainment by 11.2% during the 2nd quarter. Legal & General Group Plc now owns 30,752 shares of the company’s stock worth $1,285,000 after buying an additional 3,103 shares during the last quarter. Finally, Norges Bank acquired a new stake in Sphere Entertainment in the second quarter valued at about $551,000. 92.03% of the stock is currently 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.