Sphere Entertainment Co. (NYSE:SPHR) Receives Average Recommendation of “Moderate Buy” from Brokerages

Sphere Entertainment Co. (NYSE:SPHR) has been assigned an average recommendation of “Moderate Buy” from the twelve analysts that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $110.4615.

Several analysts recently commented on the stock. New Street Research set a $110.00 price objective on shares of Sphere Entertainment in a research note on Thursday, January 15th. Morgan Stanley reiterated an “overweight” rating and issued a $135.00 price objective on shares of Sphere Entertainment in a research note on Friday, February 13th. Craig Hallum reiterated a “buy” rating and issued a $100.00 price objective on shares of Sphere Entertainment in a research note on Thursday, December 18th. Benchmark upgraded shares of Sphere Entertainment from a “sell” rating to a “hold” rating in a research note on Tuesday, February 17th. Finally, Guggenheim raised their price objective on shares of Sphere Entertainment from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd.

Institutional Investors Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in SPHR. Royal Bank of Canada boosted its position in shares of Sphere Entertainment by 5.5% in the 1st quarter. Royal Bank of Canada now owns 150,614 shares of the company’s stock worth $4,928,000 after buying an additional 7,891 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Sphere Entertainment by 5.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,270 shares of the company’s stock worth $532,000 after buying an additional 831 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Sphere Entertainment by 132.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after buying an additional 357,794 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Sphere Entertainment by 11.2% in the 2nd quarter. Legal & General Group Plc now owns 30,752 shares of the company’s stock worth $1,285,000 after buying an additional 3,103 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Sphere Entertainment by 9.8% in the 2nd quarter. Rhumbline Advisers now owns 49,538 shares of the company’s stock worth $2,071,000 after buying an additional 4,433 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Performance

NYSE:SPHR opened at $124.41 on Wednesday. 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 has a fifty-two week low of $23.89 and a fifty-two week high of $130.33. The firm’s fifty day simple moving average is $110.04 and its 200-day simple moving average is $90.00. The stock has a market cap of $4.42 billion, a PE ratio of -276.47 and a beta of 1.67.

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

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.