Sphere Entertainment’s (SPHR) “Buy” Rating Reiterated at BTIG Research

BTIG Research reiterated their buy rating on shares of Sphere Entertainment (NYSE:SPHR) in a research report released on Monday morning,Benzinga reports. They currently have a $190.00 price objective on the stock.

Several other equities research analysts have also recently commented on the company. 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. Morgan Stanley reiterated an “overweight” rating and set a $170.00 price target on shares of Sphere Entertainment in a research report on Wednesday, May 6th. Weiss Ratings raised Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Susquehanna upped their price objective on Sphere Entertainment from $159.00 to $182.00 and gave the company a “positive” rating in a report on Thursday, June 18th. Finally, Seaport Research Partners reaffirmed a “buy” rating and set a $173.00 target price on shares of Sphere Entertainment in a research note on Wednesday, June 17th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $163.38.

Sphere Entertainment Stock Performance

Shares of SPHR opened at $160.65 on Monday. The firm has a 50-day moving average price of $149.22 and a 200 day moving average price of $128.54. The firm has a market capitalization of $5.70 billion, a PE ratio of -59.94 and a beta of 1.65. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32. Sphere Entertainment has a 52-week low of $37.89 and a 52-week high of $174.60.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, beating the consensus estimate of ($1.51) by $0.44. The firm had revenue of $313.64 million for the quarter, compared to analysts’ expectations of $307.44 million. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. Sphere Entertainment’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the company earned $3.39 EPS. On average, sell-side analysts anticipate that Sphere Entertainment will post -2.3 earnings per share for the current fiscal year.

Institutional Trading of Sphere Entertainment

Large investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management bought a new position in shares of Sphere Entertainment in the fourth quarter valued at $41,000. Caitong International Asset Management Co. Ltd boosted 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 in the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Sphere Entertainment in the 4th quarter worth $48,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Sphere Entertainment during the fourth quarter worth $52,000. Finally, Parallel Advisors LLC lifted its holdings in shares of Sphere Entertainment by 275.0% during the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock valued at $55,000 after purchasing an additional 341 shares during the last quarter. 92.03% of the stock is currently 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.