Sphere Entertainment (NYSE:SPHR) PT Raised to $33.00

Sphere Entertainment (NYSE:SPHR) had its price target raised by analysts at JPMorgan Chase & Co. from $28.00 to $33.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 8.33% from the company’s previous close.

SPHR has been the topic of several other reports. Macquarie lifted their price objective on shares of Sphere Entertainment from $25.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, August 25th. Morgan Stanley boosted their price target on shares of Sphere Entertainment from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Thursday, November 9th. Finally, Guggenheim boosted their price target on shares of Sphere Entertainment from $25.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 23rd. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, Sphere Entertainment presently has a consensus rating of “Hold” and a consensus price target of $32.25.

Sphere Entertainment Price Performance

NYSE SPHR opened at $36.00 on Tuesday. Sphere Entertainment has a 1 year low of $17.73 and a 1 year high of $43.93. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $1.25 billion, a P/E ratio of 2.06 and a beta of 1.40. The business’s fifty day moving average is $36.02 and its two-hundred day moving average is $33.22.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Wednesday, November 8th. The company reported $1.90 earnings per share for the quarter, topping the consensus estimate of ($2.39) by $4.29. Sphere Entertainment had a net margin of 49.01% and a return on equity of 20.18%. The firm had revenue of $118.01 million for the quarter, compared to analysts’ expectations of $117.30 million. On average, research analysts forecast that Sphere Entertainment will post -3.64 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Entertainment Co. Sphere sold 8,221,188 shares of the company’s stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $31.20, for a total value of $256,501,065.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 24.46% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sphere Entertainment

A number of large investors have recently bought and sold shares of SPHR. Ancora Advisors LLC bought a new stake in Sphere Entertainment in the third quarter worth $25,000. Tower Research Capital LLC TRC acquired a new position in Sphere Entertainment during the 3rd quarter worth $35,000. Qube Research & Technologies Ltd acquired a new position in Sphere Entertainment during the 3rd quarter worth $45,000. FMR LLC acquired a new position in Sphere Entertainment during the 3rd quarter worth $52,000. Finally, Citigroup Inc. acquired a new position in Sphere Entertainment during the 3rd quarter worth $59,000. 80.43% of the stock is currently owned by institutional investors.

About Sphere Entertainment

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.