Sphere Entertainment (NYSE:SPHR) Raised to Hold at Benchmark

Sphere Entertainment (NYSE:SPHR) was upgraded by stock analysts at Benchmark from a “sell” rating to a “hold” rating in a report released on Tuesday, Marketbeat Ratings reports.

SPHR has been the subject of several other reports. Bank of America increased their price objective on Sphere Entertainment from $48.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, December 19th. Guggenheim increased their price target on shares of Sphere Entertainment from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. BTIG Research raised their price objective on shares of Sphere Entertainment from $110.00 to $127.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sphere Entertainment in a report on Wednesday, January 21st. Finally, National Bank Financial set a $136.00 price target on Sphere Entertainment in a report on Thursday, January 22nd. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $101.23.

Sphere Entertainment Stock Performance

NYSE SPHR opened at $115.18 on Tuesday. The company has a fifty day moving average of $96.07 and a two-hundred day moving average of $73.69. The company has a market capitalization of $4.07 billion, a PE ratio of -255.96 and a beta of 1.68. Sphere Entertainment has a 1 year low of $23.89 and a 1 year high of $118.14. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.09 and a quick ratio of 1.09.

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

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPHR. Royal Bank of Canada lifted its holdings in shares of Sphere Entertainment by 5.5% in the 1st quarter. Royal Bank of Canada now owns 150,614 shares of the company’s stock valued at $4,928,000 after buying an additional 7,891 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Sphere Entertainment by 5.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,270 shares of the company’s stock worth $532,000 after acquiring an additional 831 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Sphere Entertainment by 132.0% in the first 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 period. CWM LLC boosted its position in shares of Sphere Entertainment by 915.3% during the 2nd quarter. CWM LLC now owns 731 shares of the company’s stock worth $31,000 after purchasing an additional 659 shares in the last quarter. Finally, D.A. Davidson & CO. acquired a new position in shares of Sphere Entertainment during the 2nd quarter worth $209,000. Institutional investors and hedge funds 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.