Sphere Entertainment (NYSE:SPHR) Given New $145.00 Price Target at BTIG Research

Key Points

• BTIG lowered its price target on Sphere Entertainment from $160 to $145 but kept a Buy rating; the new target implies 20.76% upside from the price cited in the report.
• Analyst sentiment remains broadly positive: MarketBeat’s consensus is Moderate Buy, with an average price target of $156.87; 11 analysts rate the stock Buy, two Hold, and one Sell.
• In its latest quarter, Sphere reported revenue of $274.26 million, above estimates and up 4.5% year over year, but its $4.84-per-share loss was worse than analysts’ expected $1.66 loss.

Sphere Entertainment (NYSE:SPHR - Get Free Report) had its price objective cut by equities research analysts at BTIG Research from $160.00 to $145.00 in a report released on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. BTIG Research's price objective would suggest a potential upside of 20.76% from the company's current price.

SPHR has been the topic of a number of other research reports. New Street Research set a $188.00 target price on Sphere Entertainment in a research report on Tuesday, July 14th. JPMorgan Chase & Co. reduced their price objective on shares of Sphere Entertainment from $165.00 to $164.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. Guggenheim decreased their target price on shares of Sphere Entertainment from $180.00 to $175.00 and set a "buy" rating on the stock in a research report on Friday. Piper Sandler reaffirmed an "overweight" rating and set a $145.00 target price (down from $185.00) on shares of Sphere Entertainment in a research note on Friday, October 23rd. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $150.00 target price on shares of Sphere Entertainment in a research note on Friday. Eleven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $156.87.

Sphere Entertainment Trading Up 6.9%

Shares of NYSE SPHR traded up $7.75 during midday trading on Friday, reaching $120.08. 1,389,846 shares of the stock were exchanged, compared to its average volume of 785,661. The company has a 50 day simple moving average of $124.98 and a 200 day simple moving average of $130.30. The stock has a market capitalization of $4.31 billion, a P/E ratio of -44.80 and a beta of 1.72. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.22 and a current ratio of 1.22. Sphere Entertainment has a twelve month low of $72.08 and a twelve month high of $181.63.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings results on Thursday, November 5th. The company reported ($4.84) EPS for the quarter, missing the consensus estimate of ($1.66) by ($3.18). The firm had revenue of $274.26 million for the quarter, compared to analysts' expectations of $269.71 million. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The firm's quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($2.80) EPS. As a group, equities analysts expect that Sphere Entertainment will post -2.70 earnings per share for the current year.

Hedge Funds Weigh In On Sphere Entertainment

Several hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. grew its holdings in Sphere Entertainment by 114.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 871,484 shares of the company's stock worth $117,162,000 after acquiring an additional 464,609 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of 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 purchasing an additional 335,900 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Sphere Entertainment by 24.8% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 523,934 shares of the company's stock valued at $61,510,000 after purchasing an additional 104,192 shares in the last quarter. Artemis Investment Management LLP lifted its position in shares of Sphere Entertainment by 118.9% during the 3rd quarter. Artemis Investment Management LLP now owns 447,982 shares of the company's stock worth $60,227,000 after purchasing an additional 243,376 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Sphere Entertainment by 75.4% during the 1st quarter. Bank of New York Mellon Corp now owns 146,782 shares of the company's stock worth $17,232,000 after purchasing an additional 63,080 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment News Summary

Here are the key news stories impacting Sphere Entertainment this week:

• Positive Sentiment: Strong ticket sales at Sphere: “The Wizard of Oz” exceeded $500 million in ticket sales, with more than four million tickets sold since its August debut. The company also introduced expanded 4D effects, supporting the potential for continued audience demand. Sphere Entertainment Q3 results
• Positive Sentiment: Revenue topped expectations: Q3 revenue was $274.26 million, above analyst estimates of about $269.7 million and up 4.5% year over year. Zacks also reported a per-share loss of $0.98, narrower than its consensus estimate of a $1.79 loss. Zacks Q3 earnings report
• Positive Sentiment: Guggenheim remains bullish: The firm cut its price target from $180 to $175 but maintained a Buy rating, implying substantial upside from the then-current price. The target reduction tempers, but does not reverse, the favorable stance. Guggenheim price-target update
• Negative Sentiment: Reported loss was a concern: Other earnings coverage cited a loss of $4.84 per share, far worse than the $1.66 consensus estimate. This contrasts with the narrower loss cited by Zacks, suggesting results varied across reported earnings measures and may have weighed on sentiment. Coverage of Sphere’s wider Q3 loss

Sphere Entertainment Company Profile

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences and sports and entertainment programming. Its principal asset is Sphere, a next-generation venue in Las Vegas featuring a large exterior LED display, a high-resolution interior screen, advanced audio technology and immersive production capabilities.

Sphere presents concerts, residencies, films and other experiences, while its Sphere Studios business develops original content and technology for the venue and other immersive applications.

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