Sphere Entertainment (NYSE:SPHR) Price Target Raised to $175.00

Sphere Entertainment (NYSE:SPHR) had its price objective raised by Citizens Jmp from $150.00 to $175.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a market outperform rating on the stock.

Other research analysts have also recently issued reports about the company. Weiss Ratings restated a “sell (d-)” rating on shares of Sphere Entertainment in a report on Monday, April 20th. National Bank Financial set a $136.00 price target on shares of Sphere Entertainment in a research report on Thursday, January 22nd. Citigroup reaffirmed an “outperform” rating on shares of Sphere Entertainment in a research report on Wednesday. Guggenheim lifted their price target on shares of Sphere Entertainment from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Bank of America lifted their price target on shares of Sphere Entertainment from $110.00 to $132.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $145.92.

Sphere Entertainment Trading Down 2.4%

Shares of Sphere Entertainment stock opened at $133.52 on Wednesday. The stock has a market cap of $4.74 billion, a P/E ratio of 75.01 and a beta of 1.69. The stock’s 50 day simple moving average is $122.01 and its 200-day simple moving average is $100.23. Sphere Entertainment has a 1-year low of $31.85 and a 1-year high of $149.00. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.09.

Sphere Entertainment (NYSE:SPHR) last issued its 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 business 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 business’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($2.27) EPS. Analysts predict that Sphere Entertainment will post -2.57 EPS for the current fiscal year.

Institutional Trading of Sphere Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in Sphere Entertainment by 20.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,421 shares of the company’s stock valued at $402,000 after purchasing an additional 578 shares during the period. Convergence Investment Partners LLC purchased a new stake in Sphere Entertainment in the first quarter valued at approximately $3,859,000. Hollencrest Capital Management raised its position in Sphere Entertainment by 126.9% in the first quarter. Hollencrest Capital Management now owns 971 shares of the company’s stock valued at $114,000 after purchasing an additional 543 shares during the period. Parallel Advisors LLC raised its position in Sphere Entertainment by 275.0% in the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock valued at $55,000 after purchasing an additional 341 shares during the period. Finally, KBC Group NV purchased a new stake in Sphere Entertainment in the first quarter valued at approximately $84,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.