JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Sphere Entertainment (NYSE:SPHR) Stock

Sphere Entertainment (NYSE:SPHR) had its target price hoisted by JPMorgan Chase & Co. from $54.00 to $55.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 46.24% from the stock’s current price.

SPHR has been the subject of a number of other research reports. Benchmark reiterated a “sell” rating and issued a $35.00 price target on shares of Sphere Entertainment in a research note on Monday. Guggenheim boosted their price objective on shares of Sphere Entertainment from $69.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Morgan Stanley reduced their price objective on shares of Sphere Entertainment from $45.00 to $32.00 and set an “equal weight” rating for the company in a research report on Thursday, April 10th. Macquarie reduced their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Finally, Susquehanna started coverage on shares of Sphere Entertainment in a research report on Monday, April 28th. They set a “positive” rating and a $37.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $45.78.

Sphere Entertainment Stock Up 3.5%

Shares of Sphere Entertainment stock opened at $37.61 on Wednesday. Sphere Entertainment has a 52-week low of $23.89 and a 52-week high of $50.88. The company has a 50 day moving average of $30.71 and a 200 day moving average of $37.64. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $1.35 billion, a P/E ratio of -3.58 and a beta of 1.51.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.48) by $0.21. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The company had revenue of $280.57 million during the quarter, compared to the consensus estimate of $285.01 million. During the same quarter in the previous year, the firm earned ($1.33) earnings per share. The firm’s quarterly revenue was down 12.7% on a year-over-year basis. As a group, research analysts forecast that Sphere Entertainment will post -11.47 EPS for the current fiscal year.

Insider Activity at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 25.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors have recently bought and sold shares of the company. US Bancorp DE increased its stake in Sphere Entertainment by 3.8% in the 4th quarter. US Bancorp DE now owns 7,511 shares of the company’s stock valued at $303,000 after buying an additional 276 shares during the period. Boyar Asset Management Inc. grew its stake in shares of Sphere Entertainment by 1.2% during the 4th quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company’s stock worth $1,793,000 after purchasing an additional 542 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock worth $53,000 after purchasing an additional 681 shares during the period. Legal & General Group Plc grew its stake in shares of Sphere Entertainment by 2.8% during the 4th quarter. Legal & General Group Plc now owns 26,678 shares of the company’s stock worth $1,076,000 after purchasing an additional 720 shares during the period. Finally, Commonwealth Equity Services LLC grew its stake in shares of Sphere Entertainment by 10.8% during the 4th quarter. Commonwealth Equity Services LLC now owns 7,411 shares of the company’s stock worth $299,000 after purchasing an additional 721 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Sphere Entertainment Company Profile

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.