Sphere Entertainment Co. (NYSE:SPHR) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Sphere Entertainment Co. (NYSE:SPHR) have been assigned an average rating of “Moderate Buy” from the thirteen brokerages that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $163.0769.

Several brokerages recently commented on SPHR. BTIG Research reaffirmed a “buy” rating and issued a $190.00 target price on shares of Sphere Entertainment in a research report on Tuesday, May 19th. Citizens Jmp increased their price objective on shares of Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a research note on Wednesday, June 17th. The Goldman Sachs Group raised their price objective on shares of Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Seaport Research Partners reiterated a “buy” rating and set a $173.00 target price on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Finally, Bank of America increased their price target on shares of Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th.

Hedge Funds Weigh In On Sphere Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of SPHR. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Sphere Entertainment in the fourth quarter valued at $39,909,000. Assenagon Asset Management S.A. acquired a new stake in shares of Sphere Entertainment in the 2nd quarter valued at $70,402,000. Goldman Sachs Group Inc. boosted its stake in shares of Sphere Entertainment by 132.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after purchasing an additional 357,794 shares in the last quarter. Mane Global Capital Management LP bought a new stake in shares of Sphere Entertainment in the 3rd quarter worth about $22,143,000. Finally, Renaissance Technologies LLC increased its position in shares of Sphere Entertainment by 149.9% during the 1st quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock worth $65,736,000 after purchasing an additional 335,900 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Up 3.3%

Shares of SPHR opened at $142.09 on Friday. The company has a 50-day simple moving average of $146.64 and a 200-day simple moving average of $124.67. The firm has a market capitalization of $5.04 billion, a P/E ratio of 79.83 and a beta of 1.61. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22. Sphere Entertainment has a 52 week low of $37.89 and a 52 week high of $174.60.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.27. The company had revenue of $386.41 million for the quarter, compared to analyst estimates of $313.41 million. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.Sphere Entertainment’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($2.27) EPS. On average, equities research analysts expect that Sphere Entertainment will post -2.44 earnings per share for the current year.

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.