Sphere Entertainment (NYSE:SPHR) Upgraded at Benchmark

Sphere Entertainment (NYSE:SPHR) was upgraded by Benchmark from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports.

Several other analysts have also recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Sphere Entertainment from $91.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday, January 15th. Guggenheim lifted their price objective on shares of Sphere Entertainment from $136.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday. BTIG Research boosted their target price on shares of Sphere Entertainment from $110.00 to $127.00 and gave the stock a “buy” rating in a research note on Friday. Bank of America raised their price target on Sphere Entertainment from $48.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, December 19th. Finally, National Bank Financial set a $136.00 price target on Sphere Entertainment in a report on Thursday, January 22nd. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $101.23.

Sphere Entertainment Stock Performance

NYSE:SPHR opened at $115.62 on Tuesday. Sphere Entertainment has a 52 week low of $23.89 and a 52 week high of $117.50. The company has a fifty day simple moving average of $94.94 and a two-hundred day simple moving average of $72.87. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.34. The company has a market cap of $4.08 billion, a price-to-earnings ratio of -256.93 and a beta of 1.68.

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

Hedge Funds Weigh In On Sphere Entertainment

Large investors have recently made changes to their positions in the stock. Arizona State Retirement System lifted its stake in shares of Sphere Entertainment by 2.0% in the third quarter. Arizona State Retirement System now owns 7,758 shares of the company’s stock valued at $482,000 after purchasing an additional 152 shares during the period. Caitong International Asset Management Co. Ltd grew its holdings in shares of Sphere Entertainment by 53.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock worth $43,000 after acquiring an additional 156 shares during the period. Putney Financial Group LLC increased its stake in Sphere Entertainment by 4.2% in the 4th quarter. Putney Financial Group LLC now owns 4,475 shares of the company’s stock valued at $425,000 after purchasing an additional 180 shares in the last quarter. ORG Partners LLC raised its holdings in Sphere Entertainment by 35.4% during the fourth quarter. ORG Partners LLC now owns 895 shares of the company’s stock worth $85,000 after purchasing an additional 234 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its position in Sphere Entertainment by 5.3% during the fourth quarter. Handelsbanken Fonder AB now owns 6,000 shares of the company’s stock worth $570,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors 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.