BTIG Research Reaffirms Buy Rating for Sphere Entertainment (NYSE:SPHR)

Sphere Entertainment (NYSE:SPHR)‘s stock had its “buy” rating reaffirmed by investment analysts at BTIG Research in a research note issued to investors on Monday,Benzinga reports. They presently have a $190.00 target price on the stock. BTIG Research’s target price would indicate a potential upside of 32.46% from the stock’s current price.

SPHR has been the subject of a number of other research reports. New Street Research set a $188.00 price objective on Sphere Entertainment in a research note on Tuesday, July 14th. The Goldman Sachs Group increased their target price on Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Benchmark boosted their price target on shares of Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Morgan Stanley reaffirmed an “overweight” rating and issued a $170.00 price objective on shares of Sphere Entertainment in a research note on Wednesday, May 6th. Finally, Weiss Ratings raised shares of Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Eleven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Sphere Entertainment has an average rating of “Moderate Buy” and a consensus target price of $163.38.

Sphere Entertainment Price Performance

SPHR stock opened at $143.44 on Monday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22. The company’s 50-day moving average is $147.77 and its 200-day moving average is $127.31. The stock has a market capitalization of $5.09 billion, a PE ratio of -53.52 and a beta of 1.65. Sphere Entertainment has a 1 year low of $37.89 and a 1 year high of $174.60.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, beating analysts’ consensus estimates of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The business had revenue of $313.64 million during the quarter, compared to analyst estimates of $307.44 million. During the same period in the previous year, the company posted $3.39 EPS. The firm’s revenue was up 10.9% compared to the same quarter last year. Equities research analysts expect that Sphere Entertainment will post -2.54 EPS for the current fiscal year.

Institutional Trading of Sphere Entertainment

A number of institutional investors have recently made changes to their positions in SPHR. Hollencrest Capital Management purchased a new stake in Sphere Entertainment in the fourth quarter worth $41,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Sphere Entertainment by 53.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock worth $43,000 after buying an additional 156 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Sphere Entertainment in the fourth quarter worth approximately $48,000. Flagship Harbor Advisors LLC bought a new stake in Sphere Entertainment during the fourth quarter valued at approximately $52,000. Finally, Parallel Advisors LLC increased its holdings in 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 buying an additional 341 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.