Sphere Entertainment (NYSE:SPHR) Price Target Raised to $132.00 at Bank of America

Sphere Entertainment (NYSE:SPHR) had its target price hoisted by Bank of America from $110.00 to $132.00 in a research report report published on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also recently weighed in on SPHR. Morgan Stanley reissued an “overweight” rating and issued a $135.00 price target on shares of Sphere Entertainment in a research note on Friday, February 13th. JPMorgan Chase & Co. lifted their price target on Sphere Entertainment from $91.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, January 15th. National Bank Financial set a $136.00 target price on Sphere Entertainment in a research note on Thursday, January 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sphere Entertainment in a research note on Wednesday, January 21st. Finally, Citizens Jmp assumed coverage on Sphere Entertainment in a research note on Monday, March 30th. They set an “outperform” rating and a $150.00 target price on the stock. Nine research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Sphere Entertainment currently has an average rating of “Moderate Buy” and a consensus price target of $114.38.

Sphere Entertainment Price Performance

NYSE:SPHR opened at $129.22 on Thursday. The business’s 50-day moving average price is $111.42 and its 200 day moving average price is $90.55. The firm has a market cap of $4.59 billion, a P/E ratio of -287.16 and a beta of 1.67. Sphere Entertainment has a 52-week low of $23.89 and a 52-week high of $133.52. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.34.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Thursday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $1.35. The firm had revenue of $394.28 million for the quarter, compared to analyst estimates of $377.60 million. Sphere Entertainment had a negative return on equity of 8.84% and a net margin of 2.16%.Sphere Entertainment’s revenue was up 27.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($3.49) earnings per share. As a group, sell-side analysts predict that Sphere Entertainment will post -11.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

Large investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Sphere Entertainment in the 3rd quarter valued at approximately $2,937,000. Legato Capital Management LLC bought a new stake in shares of Sphere Entertainment in the 3rd quarter valued at approximately $661,000. Kelleher Financial Advisors bought a new stake in shares of Sphere Entertainment in the 4th quarter valued at approximately $389,000. Citigroup Inc. grew its stake in shares of Sphere Entertainment by 94.0% in the 3rd quarter. Citigroup Inc. now owns 50,592 shares of the company’s stock valued at $3,143,000 after buying an additional 24,520 shares in the last quarter. Finally, New York State Common Retirement Fund grew its stake in shares of Sphere Entertainment by 146.1% in the 3rd quarter. New York State Common Retirement Fund now owns 20,784 shares of the company’s stock valued at $1,291,000 after buying an additional 12,338 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

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.