Sphere Entertainment (NYSE:SPHR) Given New $140.00 Price Target at The Goldman Sachs Group

Sphere Entertainment (NYSE:SPHR) had its price target raised by research analysts at The Goldman Sachs Group from $126.00 to $140.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 8.03% from the stock’s previous close.

Several other equities analysts have also recently issued reports on SPHR. Guggenheim raised their price objective on Sphere Entertainment from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Wolfe Research restated an “outperform” rating and set a $105.00 price objective on shares of Sphere Entertainment in a research note on Monday, December 15th. 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 restated a “sell (d-)” rating on shares of Sphere Entertainment in a research note on Wednesday, January 21st. Finally, Citizens Jmp initiated coverage on Sphere Entertainment in a research note on Monday, March 30th. They set an “outperform” rating and a $150.00 price objective on the stock. Nine equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Sphere Entertainment presently has an average rating of “Moderate Buy” and an average target price of $111.54.

Sphere Entertainment Stock Performance

SPHR traded up $5.35 during trading hours on Wednesday, hitting $129.60. 353,998 shares of the stock were exchanged, compared to its average volume of 855,481. The stock has a 50-day simple moving average of $110.04 and a 200-day simple moving average of $90.00. Sphere Entertainment has a 12 month low of $23.89 and a 12 month high of $133.52. The stock has a market cap of $4.60 billion, a price-to-earnings ratio of -287.62 and a beta of 1.67. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.09 and a quick ratio of 1.09.

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

Institutional Investors Weigh In On Sphere Entertainment

Several large investors have recently added to or reduced their stakes in the stock. Ariel Investments LLC increased its position in Sphere Entertainment by 12.7% in the second quarter. Ariel Investments LLC now owns 7,100,237 shares of the company’s stock worth $296,790,000 after buying an additional 802,098 shares during the period. Steadfast Capital Management LP grew its stake in shares of Sphere Entertainment by 0.9% in the third quarter. Steadfast Capital Management LP now owns 1,256,497 shares of the company’s stock worth $78,054,000 after purchasing an additional 10,720 shares in the last quarter. Holocene Advisors LP grew its stake in shares of Sphere Entertainment by 23.2% in the second quarter. Holocene Advisors LP now owns 760,160 shares of the company’s stock worth $31,775,000 after purchasing an additional 142,997 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Sphere Entertainment by 132.0% in the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after purchasing an additional 357,794 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Sphere Entertainment in the fourth quarter worth $39,909,000. 92.03% of the stock is owned by institutional investors and hedge funds.

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.