Citizens Jmp Begins Coverage on Sphere Entertainment (NYSE:SPHR)

Research analysts at Citizens Jmp assumed coverage on shares of Sphere Entertainment (NYSE:SPHR) in a report released on Monday,Benzinga reports. The brokerage set a “market outperform” rating and a $150.00 price target on the stock. Citizens Jmp’s price objective suggests a potential upside of 40.52% from the stock’s previous close.

Several other equities research analysts have also recently commented on SPHR. Guggenheim boosted their target price on Sphere Entertainment from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 13th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $126.00 price target on shares of Sphere Entertainment in a research note on Friday, February 13th. National Bank Financial set a $136.00 price objective on Sphere Entertainment in a research note on Thursday, January 22nd. Benchmark upgraded Sphere Entertainment from a “sell” rating to a “hold” rating in a report on Tuesday, February 17th. Finally, JPMorgan Chase & Co. raised their target price on Sphere Entertainment from $91.00 to $110.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. Nine analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $109.69.

Sphere Entertainment Price Performance

Shares of NYSE SPHR opened at $106.75 on Monday. The stock has a market cap of $3.79 billion, a P/E ratio of -237.22 and a beta of 1.61. The firm’s 50-day simple moving average is $106.50 and its 200 day simple moving average is $86.96. Sphere Entertainment has a fifty-two week low of $23.89 and a fifty-two week high of $121.93. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.34.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Thursday, February 12th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of ($0.12) by $1.35. Sphere Entertainment had a net margin of 2.16% and a negative return on equity of 8.84%. The firm had revenue of $394.28 million for the quarter, compared to analysts’ expectations of $377.60 million. During the same quarter last year, the company earned ($3.49) EPS. Sphere Entertainment’s quarterly revenue was up 27.9% on a year-over-year basis. Equities analysts expect that Sphere Entertainment will post -11.47 EPS for the current year.

Institutional Investors Weigh In On Sphere Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of SPHR. Rockefeller Capital Management L.P. boosted 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 in the last quarter. Osbon Capital Management LLC purchased a new stake in shares of Sphere Entertainment during the fourth quarter valued at $737,000. Corient Private Wealth LLC acquired a new position in shares of Sphere Entertainment in the 4th quarter valued at $984,000. Caitong International Asset Management Co. Ltd increased its stake in Sphere Entertainment by 93.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 570 shares of the company’s stock worth $54,000 after purchasing an additional 276 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in Sphere Entertainment during the 4th quarter worth about $399,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.