Sphere Entertainment Co. (NYSE:SPHR) Receives Average Rating of “Hold” from Brokerages

Shares of Sphere Entertainment Co. (NYSE:SPHR) have received an average recommendation of “Hold” from the thirteen brokerages that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $78.70.

SPHR has been the topic of a number of recent research reports. BTIG Research started coverage on Sphere Entertainment in a research note on Monday, October 6th. They set a “neutral” rating on the stock. JPMorgan Chase & Co. raised their target price on Sphere Entertainment from $80.00 to $91.00 and gave the company an “overweight” rating in a report on Thursday, December 4th. Seaport Res Ptn cut Sphere Entertainment from a “strong-buy” rating to a “hold” rating in a report on Monday, December 15th. Wolfe Research reiterated an “outperform” rating and set a $105.00 price objective on shares of Sphere Entertainment in a research note on Monday, December 15th. Finally, Benchmark boosted their target price on shares of Sphere Entertainment from $35.00 to $45.00 and gave the stock a “sell” rating in a research report on Wednesday, November 5th.

Sphere Entertainment Stock Performance

NYSE:SPHR opened at $93.34 on Monday. The firm’s fifty day simple moving average is $79.46 and its 200 day simple moving average is $59.12. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. Sphere Entertainment has a twelve month low of $23.89 and a twelve month high of $96.73. The firm has a market capitalization of $3.30 billion, a price-to-earnings ratio of -18.05 and a beta of 1.79.

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc acquired a new stake in shares of Sphere Entertainment during the third quarter valued at about $124,000. Penn Capital Management Company LLC acquired a new stake in Sphere Entertainment during the 3rd quarter valued at approximately $438,000. CIBC Bancorp USA Inc. acquired a new stake in Sphere Entertainment during the 3rd quarter valued at approximately $296,000. Advisory Services Network LLC increased 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 purchasing an additional 440 shares during the last quarter. Finally, NewEdge Advisors LLC raised 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 valued at $58,000 after purchasing an additional 790 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

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.