Sphere Entertainment (NYSE:SPHR) Given “Buy” Rating at BTIG Research

BTIG Research reiterated their buy rating on shares of Sphere Entertainment (NYSE:SPHR) in a research note released on Monday,Benzinga reports. BTIG Research currently has a $190.00 price target on the stock.

Other equities research analysts have also issued research reports about the company. Weiss Ratings upgraded Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Citizens Jmp lifted their price objective on shares of Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a research note on Wednesday, June 17th. Bank of America lifted their price objective on shares of Sphere Entertainment from $110.00 to $132.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Guggenheim increased their price objective on shares of Sphere Entertainment from $175.00 to $188.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Finally, JPMorgan Chase & Co. raised their target price on shares of Sphere Entertainment from $150.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, July 21st. Eleven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $163.08.

Sphere Entertainment Price Performance

Shares of SPHR stock opened at $140.05 on Monday. Sphere Entertainment has a fifty-two week low of $37.89 and a fifty-two week high of $174.60. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22. The firm has a market capitalization of $4.97 billion, a price-to-earnings ratio of 78.68 and a beta of 1.61. The stock’s 50-day simple moving average is $146.85 and its 200-day simple moving average is $125.89.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.27. The firm had revenue of $386.41 million during the quarter, compared to analyst estimates of $313.41 million. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. Sphere Entertainment’s revenue was up 37.7% on a year-over-year basis. During the same period last year, the firm posted ($2.27) EPS. As a group, equities analysts forecast that Sphere Entertainment will post -2.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Hollencrest Capital Management purchased a new stake in Sphere Entertainment in the 4th quarter worth approximately $41,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Sphere Entertainment by 53.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after purchasing an additional 156 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Sphere Entertainment in the 4th quarter valued at $48,000. Flagship Harbor Advisors LLC acquired a new position in shares of Sphere Entertainment in the 4th quarter valued at $52,000. Finally, Parallel Advisors LLC boosted its holdings in Sphere Entertainment by 275.0% during the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock worth $55,000 after buying an additional 341 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.