JPMorgan Chase & Co. Boosts Sphere Entertainment (NYSE:SPHR) Price Target to $91.00

Sphere Entertainment (NYSE:SPHR) had its price objective raised by JPMorgan Chase & Co. from $80.00 to $91.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 8.01% from the stock’s current price.

SPHR has been the subject of several other research reports. The Goldman Sachs Group increased their price objective on shares of Sphere Entertainment from $69.00 to $79.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Morgan Stanley upped their price target on shares of Sphere Entertainment from $40.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Monday, November 3rd. BTIG Research began coverage on Sphere Entertainment in a report on Monday, October 6th. They issued a “neutral” rating for the company. Guggenheim boosted their price objective on Sphere Entertainment from $78.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sphere Entertainment in a research report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Sphere Entertainment presently has a consensus rating of “Hold” and an average target price of $65.25.

Sphere Entertainment Stock Up 1.8%

SPHR opened at $84.25 on Thursday. Sphere Entertainment has a 1 year low of $23.89 and a 1 year high of $85.48. The firm has a 50 day moving average price of $70.78 and a 200 day moving average price of $53.38. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $2.97 billion, a PE ratio of -16.30 and a beta of 1.79.

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in SPHR. IFP Advisors Inc acquired a new stake in shares of Sphere Entertainment during the third quarter worth approximately $124,000. Penn Capital Management Company LLC bought a new position in Sphere Entertainment during the 3rd quarter valued at $438,000. CIBC Bancorp USA Inc. acquired a new position in Sphere Entertainment during the 3rd quarter worth $296,000. Advisory Services Network LLC grew its holdings in Sphere Entertainment by 5.9% during the 3rd quarter. Advisory Services Network LLC now owns 7,858 shares of the company’s stock worth $488,000 after acquiring an additional 440 shares in the last quarter. Finally, NewEdge Advisors LLC increased its position in shares of Sphere Entertainment by 576.6% in the 3rd quarter. NewEdge Advisors LLC now owns 927 shares of the company’s stock worth $58,000 after purchasing an additional 790 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

About Sphere Entertainment

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.