Sphere Entertainment (NYSE:SPHR) Price Target Raised to $165.00

Sphere Entertainment (NYSE:SPHR) had its target price lifted by JPMorgan Chase & Co. from $150.00 to $165.00 in a research report sent to investors on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other research analysts have also recently commented on the stock. Guggenheim upped their target price on shares of Sphere Entertainment from $175.00 to $188.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Citizens Jmp lifted their price target on Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a report on Wednesday, June 17th. BTIG Research reaffirmed a “buy” rating and set a $190.00 price target on shares of Sphere Entertainment in a report on Tuesday, May 19th. Citigroup reiterated a “market outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Finally, Seaport Research Partners reissued a “buy” rating and issued a $173.00 price objective on shares of Sphere Entertainment in a report on Wednesday, June 17th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Sphere Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $163.08.

Sphere Entertainment Stock Performance

SPHR stock opened at $133.82 on Tuesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22. The stock has a market capitalization of $4.75 billion, a price-to-earnings ratio of 75.18 and a beta of 1.61. Sphere Entertainment has a 1 year low of $37.89 and a 1 year high of $174.60. The stock’s fifty day moving average is $146.75 and its two-hundred day moving average is $125.25.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.27. The business had revenue of $386.41 million during the quarter, compared to analyst estimates 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 quarter in the prior year, the firm earned ($2.27) earnings per share. On average, research analysts predict that Sphere Entertainment will post -2.44 EPS for the current year.

Institutional Trading of Sphere Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hollencrest Capital Management acquired a new stake in shares of Sphere Entertainment in the 4th quarter worth approximately $41,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Sphere Entertainment by 53.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after acquiring an additional 156 shares during the period. Parallel Advisors LLC raised its holdings in Sphere Entertainment by 275.0% during the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock worth $55,000 after purchasing an additional 341 shares in the last quarter. Vision Retirement LLC raised its holdings in Sphere Entertainment by 38.0% during the first quarter. Vision Retirement LLC now owns 483 shares of the company’s stock worth $57,000 after purchasing an additional 133 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Sphere Entertainment in the fourth quarter worth approximately $48,000. 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.