Sphere Entertainment (NYSE:SPHR) Hits New 1-Year High on Analyst Upgrade

Sphere Entertainment Co. (NYSE:SPHR)’s share price hit a new 52-week high during mid-day trading on Friday after Bank of America raised their price target on the stock from $48.00 to $95.00. Bank of America currently has a neutral rating on the stock. Sphere Entertainment traded as high as $94.30 and last traded at $93.3420, with a volume of 257375 shares trading hands. The stock had previously closed at $89.27.

SPHR has been the subject of a number of other research reports. Craig Hallum reiterated a “buy” rating and set a $100.00 price target on shares of Sphere Entertainment in a research report on Thursday. JPMorgan Chase & Co. raised their price target on Sphere Entertainment from $80.00 to $91.00 and gave the stock an “overweight” rating in a research report on Thursday, December 4th. Benchmark lifted their target price on shares of Sphere Entertainment from $35.00 to $45.00 and gave the stock a “sell” rating in a research note on Wednesday, November 5th. BTIG Research started coverage on shares of Sphere Entertainment in a research report on Monday, October 6th. They issued a “neutral” rating on the stock. Finally, Guggenheim boosted their price target on Sphere Entertainment from $78.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $78.70.

Institutional Investors Weigh In On Sphere Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quent Capital LLC bought a new position in Sphere Entertainment in the 3rd quarter worth $30,000. GAMMA Investing LLC lifted its position in shares of Sphere Entertainment by 95.3% in the second quarter. GAMMA Investing LLC now owns 744 shares of the company’s stock worth $31,000 after buying an additional 363 shares in the last quarter. CWM LLC increased its stake in Sphere Entertainment by 915.3% in the 2nd quarter. CWM LLC now owns 731 shares of the company’s stock worth $31,000 after acquiring an additional 659 shares during the last quarter. ORG Partners LLC raised its holdings in shares of Sphere Entertainment by 80.1% during the 3rd quarter. ORG Partners LLC now owns 661 shares of the company’s stock worth $41,000 after acquiring an additional 294 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of Sphere Entertainment by 576.6% in the 3rd quarter. NewEdge Advisors LLC now owns 927 shares of the company’s stock worth $58,000 after buying an additional 790 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Up 4.6%

The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. The company’s 50-day moving average is $76.10 and its 200 day moving average is $56.89. The stock has a market capitalization of $3.30 billion, a PE ratio of -18.07 and a beta of 1.79.

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.