Sphere Entertainment Co. (NYSE:SPHR) Receives $163.38 Consensus Price Target from Analysts

Shares of Sphere Entertainment Co. (NYSE:SPHR) have received an average recommendation of “Moderate Buy” from the thirteen research firms that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $163.3846.

SPHR has been the subject of several analyst reports. Citizens Jmp increased their target price on shares of Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a report on Wednesday, June 17th. Seaport Research Partners restated a “buy” rating and set a $191.00 price target on shares of Sphere Entertainment in a report on Thursday. Susquehanna upped their price objective on shares of Sphere Entertainment from $159.00 to $182.00 and gave the stock a “positive” rating in a research report on Thursday, June 18th. Guggenheim increased their price objective on shares of Sphere Entertainment from $188.00 to $193.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, New Street Research set a $188.00 target price on shares of Sphere Entertainment in a research report on Tuesday, July 14th.

Institutional Trading of Sphere Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of SPHR. Arrowstreet Capital Limited Partnership bought a new position in Sphere Entertainment in the 1st quarter valued at $3,621,000. Renaissance Technologies LLC raised its stake in shares of Sphere Entertainment by 149.9% during the 1st quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock worth $65,736,000 after purchasing an additional 335,900 shares during the period. Quent Capital LLC boosted its holdings in shares of Sphere Entertainment by 2,083.3% in the 4th quarter. Quent Capital LLC now owns 10,480 shares of the company’s stock worth $996,000 after buying an additional 10,000 shares during the last quarter. Capula Management Ltd purchased a new position in shares of Sphere Entertainment in the 1st quarter worth about $1,997,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Sphere Entertainment by 75.4% in the 1st quarter. Bank of New York Mellon Corp now owns 146,782 shares of the company’s stock worth $17,232,000 after buying an additional 63,080 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Trading Up 1.9%

Shares of Sphere Entertainment stock opened at $171.19 on Tuesday. The stock has a fifty day simple moving average of $153.40 and a 200 day simple moving average of $132.50. Sphere Entertainment has a 12-month low of $39.52 and a 12-month high of $181.63. The company has a market capitalization of $6.15 billion, a P/E ratio of -63.88 and a beta of 1.65. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.32.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, beating analysts’ consensus estimates of ($1.51) by $0.44. The business had revenue of $313.64 million during the quarter, compared to analyst estimates of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.Sphere Entertainment’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.39 EPS. On average, sell-side analysts anticipate that Sphere Entertainment will post -2.31 earnings per share for the current fiscal year.

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.