Sphere Entertainment (NYSE:SPHR) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Sphere Entertainment (NYSE:SPHR) had its price target hoisted by equities researchers at JPMorgan Chase & Co. from $150.00 to $165.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 19.38% from the company’s previous close.

Several other research analysts have also commented on the company. Weiss Ratings upgraded Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Seaport Research Partners reissued a “buy” rating and issued a $173.00 price objective on shares of Sphere Entertainment in a report on Wednesday, June 17th. Citizens Jmp upped their price objective on shares of Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a report 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 research report on Wednesday, July 8th. Finally, New Street Research set a $188.00 target price on shares of Sphere Entertainment in a research note on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Sphere Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $163.08.

Sphere Entertainment Price Performance

SPHR stock opened at $138.22 on Tuesday. Sphere Entertainment has a 1 year low of $37.89 and a 1 year high of $174.60. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22. The firm has a market capitalization of $4.91 billion, a PE ratio of 77.65 and a beta of 1.61. The business has a 50 day simple moving average of $146.77 and a 200-day simple moving average of $124.97.

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

Institutional Trading of Sphere Entertainment

Institutional investors and hedge funds have recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Sphere Entertainment in the fourth quarter valued at approximately $39,909,000. Assenagon Asset Management S.A. acquired a new position in shares of Sphere Entertainment in the second quarter valued at approximately $70,402,000. Goldman Sachs Group Inc. grew its holdings in shares of 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 purchasing an additional 357,794 shares in the last quarter. Mane Global Capital Management LP purchased a new stake in Sphere Entertainment during the 3rd quarter worth approximately $22,143,000. Finally, Renaissance Technologies LLC increased its stake in 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 buying an additional 335,900 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.