Sphere Entertainment (NYSE:SPHR) Sets New 12-Month High After Analyst Upgrade

Sphere Entertainment Co. (NYSE:SPHR)’s share price reached a new 52-week high during trading on Friday after Bank of America raised their price target on the stock from $48.00 to $95.00. Bank of America currently has a neutral rating on the stock. Sphere Entertainment traded as high as $94.30 and last traded at $93.3420, with a volume of 257375 shares. The stock had previously closed at $89.27.

Other research analysts have also recently issued reports about the company. Morgan Stanley raised Sphere Entertainment from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $75.00 to $105.00 in a report on Thursday. Guggenheim boosted their target price on shares of Sphere Entertainment from $78.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Craig Hallum reiterated a “buy” rating and set a $100.00 target price on shares of Sphere Entertainment in a research report on Thursday. BTIG Research began coverage on shares of Sphere Entertainment in a research note on Monday, October 6th. They set a “neutral” rating on the stock. Finally, The Goldman Sachs Group raised their price target on shares of Sphere Entertainment from $69.00 to $79.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Sphere Entertainment has an average rating of “Hold” and a consensus price target of $78.70.

Institutional Investors Weigh In On Sphere Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of the business. Ariel Investments LLC lifted its holdings in Sphere Entertainment by 12.7% in the second quarter. Ariel Investments LLC now owns 7,100,237 shares of the company’s stock valued at $296,790,000 after buying an additional 802,098 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after acquiring an additional 357,794 shares during the last quarter. Mane Global Capital Management LP acquired a new position in shares of Sphere Entertainment in the 3rd quarter valued at $22,143,000. Woodline Partners LP acquired a new position in shares of Sphere Entertainment in the 3rd quarter valued at $20,503,000. Finally, Portolan Capital Management LLC bought a new position in shares of Sphere Entertainment in the 3rd quarter worth $12,947,000. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Trading Up 4.6%

The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96. The business has a 50 day moving average of $76.10 and a 200 day moving average of $57.02. The firm has a market capitalization of $3.30 billion, a price-to-earnings ratio of -18.07 and a beta of 1.79.

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.