Sphere Entertainment (NYSE:SPHR) Upgraded at Benchmark

Benchmark upgraded shares of Sphere Entertainment (NYSE:SPHR) from a sell rating to a hold rating in a research note released on Tuesday morning, Marketbeat Ratings reports.

Several other research analysts have also issued reports on the company. Morgan Stanley reissued an “overweight” rating and issued a $135.00 target price on shares of Sphere Entertainment in a research report on Friday, February 13th. BTIG Research upped their price target on Sphere Entertainment from $110.00 to $127.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. Craig Hallum reaffirmed a “buy” rating and issued a $100.00 target price on shares of Sphere Entertainment in a research report on Thursday, December 18th. New Street Research set a $110.00 price objective on shares of Sphere Entertainment in a report on Thursday, January 15th. Finally, Bank of America lifted their target price on shares of Sphere Entertainment from $48.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, December 19th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned 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 $101.23.

Sphere Entertainment Stock Performance

NYSE:SPHR opened at $114.82 on Tuesday. The business has a 50 day moving average of $96.58 and a 200 day moving average of $73.97. The company has a market capitalization of $4.05 billion, a price-to-earnings ratio of -255.16 and a beta of 1.68. Sphere Entertainment has a 1-year low of $23.89 and a 1-year high of $118.14. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.09 and a quick ratio of 1.09.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. boosted its holdings in shares of Sphere Entertainment by 125.3% during the 4th quarter. Invesco Ltd. now owns 191,494 shares of the company’s stock valued at $18,207,000 after purchasing an additional 106,484 shares during the last quarter. Corient Private Wealth LLC purchased a new stake in shares of Sphere Entertainment in the fourth quarter worth about $979,000. Creek Drive Management Group LLC bought a new position in Sphere Entertainment during the fourth quarter valued at approximately $7,559,000. Sierra Capital LLC purchased a new position in Sphere Entertainment during the 4th quarter valued at approximately $248,000. Finally, Voloridge Investment Management LLC increased its stake in Sphere Entertainment by 419.8% in the 4th quarter. Voloridge Investment Management LLC now owns 212,086 shares of the company’s stock worth $20,165,000 after acquiring an additional 171,285 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

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.