Sphere Entertainment Co. (NYSE:SPHR) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Sphere Entertainment Co. (NYSE:SPHR) have received a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $161.9231.

SPHR has been the subject of several recent research reports. Benchmark increased their price objective on Sphere Entertainment from $155.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. BTIG Research restated a “buy” rating and issued a $190.00 target price on shares of Sphere Entertainment in a research note on Tuesday, May 19th. Guggenheim upped their target price on Sphere Entertainment from $175.00 to $188.00 and gave the stock a “buy” rating in a research report on Tuesday. Citigroup reaffirmed a “market outperform” rating on shares of Sphere Entertainment in a research note on Wednesday, June 17th. Finally, New Street Research set a $188.00 price target on Sphere Entertainment in a report on Tuesday.

Sphere Entertainment Trading Down 3.4%

Shares of SPHR stock opened at $138.54 on Friday. The stock has a 50-day simple moving average of $146.13 and a 200 day simple moving average of $123.71. The stock has a market capitalization of $4.92 billion, a P/E ratio of 77.83 and a beta of 1.61. Sphere Entertainment has a fifty-two week low of $37.89 and a fifty-two week high of $174.60. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33.

Sphere Entertainment (NYSE:SPHR) last issued 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. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The firm had revenue of $386.41 million for the quarter, compared to analysts’ expectations of $313.41 million. During the same period in the previous year, the business earned ($2.27) earnings per share. Sphere Entertainment’s revenue for the quarter was up 37.7% compared to the same quarter last year. On average, sell-side analysts expect that Sphere Entertainment will post -2.44 earnings per share for the current fiscal year.

Institutional Trading of Sphere Entertainment

Institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in Sphere Entertainment by 7.1% in the second quarter. GAMMA Investing LLC now owns 961 shares of the company’s stock worth $166,000 after acquiring an additional 64 shares in the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of Sphere Entertainment by 19.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock worth $58,000 after purchasing an additional 100 shares during the last quarter. Vision Retirement LLC raised its holdings in shares of Sphere Entertainment by 38.0% during the 1st quarter. Vision Retirement LLC now owns 483 shares of the company’s stock valued at $57,000 after purchasing an additional 133 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Sphere Entertainment by 0.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,263 shares of the company’s stock valued at $3,448,000 after purchasing an additional 145 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Sphere Entertainment by 53.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after purchasing an additional 156 shares in the last quarter. 92.03% of the stock is currently 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.