Sphere Entertainment Co. (NYSE:SPHR) Receives $161.92 Average Price Target from Analysts

Shares of Sphere Entertainment Co. (NYSE:SPHR) have been assigned a consensus rating of “Moderate Buy” from the thirteen brokerages that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $161.9231.

SPHR has been the subject of several research reports. Citigroup reiterated a “market outperform” rating on shares of Sphere Entertainment in a research note on Wednesday, June 17th. BTIG Research reissued a “buy” rating and issued a $190.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, May 19th. Bank of America raised their price objective on Sphere Entertainment from $110.00 to $132.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Morgan Stanley reaffirmed an “overweight” rating and set a $170.00 target price on shares of Sphere Entertainment in a research note on Wednesday, May 6th. Finally, Citizens Jmp upped their target price on shares of Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a report on Wednesday, June 17th.

Hedge Funds Weigh In On Sphere Entertainment

A number of institutional investors and hedge funds have recently bought and sold shares of SPHR. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Sphere Entertainment in the 4th quarter valued at about $39,909,000. Assenagon Asset Management S.A. acquired a new position in shares of Sphere Entertainment during the 2nd quarter worth approximately $70,402,000. Goldman Sachs Group Inc. grew its position 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 shares of Sphere Entertainment in the third quarter valued at approximately $22,143,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Sphere Entertainment by 149.9% in the first quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock valued at $65,736,000 after purchasing an additional 335,900 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Stock Down 0.1%

Shares of NYSE SPHR opened at $142.46 on Friday. The firm has a market cap of $5.06 billion, a price-to-earnings ratio of 80.03 and a beta of 1.61. The company’s 50-day simple moving average is $146.31 and its 200-day simple moving average is $124.06. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33. Sphere Entertainment has a 52-week low of $37.89 and a 52-week high of $174.60.

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

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.