Sphere Entertainment (NYSE:SPHR) Price Target Raised to $165.00 at JPMorgan Chase & Co.

Sphere Entertainment (NYSE:SPHR) had its price target lifted by JPMorgan Chase & Co. from $150.00 to $165.00 in a report released on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

SPHR has been the topic of a number of other research reports. The Goldman Sachs Group boosted their target price on Sphere Entertainment from $150.00 to $189.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. BTIG Research reiterated a “buy” rating and issued a $190.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, May 19th. Citizens Jmp boosted 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. Seaport Research Partners restated a “buy” rating and set a $173.00 price objective on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Finally, New Street Research set a $188.00 target price on shares of Sphere Entertainment in a research note on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $163.08.

Sphere Entertainment Price Performance

Shares of SPHR opened at $142.09 on Tuesday. Sphere Entertainment has a fifty-two week low of $37.89 and a fifty-two week high of $174.60. The company has a market capitalization of $5.04 billion, a price-to-earnings ratio of 79.83 and a beta of 1.61. The firm has a 50-day simple moving average of $146.64 and a 200-day simple moving average of $124.67. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Steadfast Capital Management LP raised its position in Sphere Entertainment by 0.9% during the third quarter. Steadfast Capital Management LP now owns 1,256,497 shares of the company’s stock worth $78,054,000 after acquiring an additional 10,720 shares during the last quarter. Holocene Advisors LP grew its stake in Sphere Entertainment by 23.2% in the 2nd quarter. Holocene Advisors LP now owns 760,160 shares of the company’s stock worth $31,775,000 after acquiring an additional 142,997 shares during the period. Goldman Sachs Group Inc. raised its holdings in Sphere Entertainment by 132.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after acquiring an additional 357,794 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Sphere Entertainment by 149.9% in the 1st quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock valued at $65,736,000 after acquiring an additional 335,900 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Sphere Entertainment by 24.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 523,934 shares of the company’s stock worth $61,510,000 after purchasing an additional 104,192 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.