Sphere Entertainment Co. (NYSE:SPHR) Stock Has Average Target Price of $166.00 According to Brokerages

Shares of Sphere Entertainment Co. (NYSE:SPHR) have earned a consensus rating of “Moderate Buy” from the fourteen ratings firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and twelve have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $166.00.

A number of analysts have recently commented on the company. The Goldman Sachs Group lifted their target price on Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. JPMorgan Chase & Co. dropped their price target on Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. BTIG Research reaffirmed a “buy” rating on shares of Sphere Entertainment in a research report on Monday, September 28th. Piper Sandler initiated coverage on Sphere Entertainment in a research note on Thursday, August 20th. They issued an “overweight” rating and a $185.00 price objective for the company. Finally, Seaport Research Partners reissued a “buy” rating and issued a $191.00 price objective on shares of Sphere Entertainment in a report on Thursday, August 13th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SPHR. Renaissance Technologies LLC boosted its stake in shares of Sphere Entertainment by 149.9% during the first quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock worth $65,736,000 after buying an additional 335,900 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its position in Sphere Entertainment by 24.8% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 523,934 shares of the company’s stock valued at $61,510,000 after acquiring an additional 104,192 shares during the period. Assenagon Asset Management S.A. acquired a new position in Sphere Entertainment in the 2nd quarter valued at about $70,402,000. Fred Alger Management LLC raised its stake in Sphere Entertainment by 370.2% during the 4th quarter. Fred Alger Management LLC now owns 350,846 shares of the company’s stock valued at $33,358,000 after acquiring an additional 276,231 shares during the last quarter. Finally, Norges Bank acquired a new stake in Sphere Entertainment during the 4th quarter worth approximately $18,890,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Trading Up 0.0%

Shares of Sphere Entertainment stock opened at $128.27 on Wednesday. The company has a fifty day simple moving average of $148.31 and a 200-day simple moving average of $141.29. Sphere Entertainment has a 12-month low of $57.01 and a 12-month high of $181.63. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.32. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of -47.86 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, topping the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The firm had revenue of $313.64 million for the quarter, compared to analyst estimates of $307.44 million. During the same period last year, the business earned $3.39 EPS. Sphere Entertainment’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, equities analysts forecast that Sphere Entertainment will post -2.34 EPS for the current fiscal year.

Sphere Entertainment Company Profile

Sphere Entertainment Co is an entertainment company focused on developing and operating large-scale live experiences, media properties and venues. Its flagship asset is Sphere, a next-generation entertainment venue in Las Vegas featuring a wraparound interior display, immersive audio and experiential programming. Sphere presents concerts, films, sporting events and other productions designed to combine live performance with advanced visual and audio technology.

The company also operates MSG Networks, a regional sports and entertainment media business serving audiences primarily in the New York metropolitan area.