Sphere Entertainment (NYSE:SPHR) Price Target Cut to $160.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan cut Sphere Entertainment’s price target from $164 to $160 but maintained an “overweight” rating; the new target implies 33.25% upside from the prior close.
• Analyst sentiment remains broadly positive: the consensus rating is “Moderate Buy,” with an average target of $156.60. Other firms also lowered targets, and Craig Hallum downgraded the stock to “Hold.”
• In its latest quarter, Sphere reported an EPS loss of $4.84, missing estimates of a $1.66 loss, while revenue of $274.26 million beat expectations and rose 4.5% year over year.

Sphere Entertainment (NYSE:SPHR - Get Free Report) had its price target reduced by equities research analysts at JPMorgan Chase & Co. from $164.00 to $160.00 in a research note issued on Friday, Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 33.25% from the stock's previous close.

Several other research analysts also recently issued reports on SPHR. BTIG Research cut their price target on Sphere Entertainment from $160.00 to $145.00 and set a "buy" rating for the company in a research note on Friday. Piper Sandler reissued an "overweight" rating and issued a $145.00 price objective (down from $185.00) on shares of Sphere Entertainment in a research note on Friday, October 23rd. Craig Hallum downgraded shares of Sphere Entertainment from a "buy" rating to a "hold" rating and set a $132.00 target price for the company. in a report on Monday, October 5th. Seaport Research Partners set a $160.00 target price on shares of Sphere Entertainment in a research report on Wednesday, October 7th. Finally, Susquehanna reaffirmed a "positive" rating and issued a $156.00 price target on shares of Sphere Entertainment in a report on Friday. Eleven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $156.60.

Sphere Entertainment Stock Performance

NYSE SPHR opened at $120.08 on Friday. The business has a 50 day moving average price of $124.43 and a 200 day moving average price of $130.43. The company has a market capitalization of $4.31 billion, a P/E ratio of -25.44 and a beta of 1.72. Sphere Entertainment has a 1-year low of $72.08 and a 1-year high of $181.63. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.17 and a quick ratio of 1.17.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Thursday, November 5th. The company reported ($4.84) EPS for the quarter, missing analysts' consensus estimates 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 return on equity of 0.78% and a negative net margin of 11.60%. The firm's revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($2.80) earnings per share. Sell-side analysts expect that Sphere Entertainment will post -2.70 EPS for the current fiscal year.

Institutional Trading of Sphere Entertainment

A number of large investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its holdings in shares of 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 during the period. Renaissance Technologies LLC grew its holdings in Sphere Entertainment by 149.9% in the first 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 during the period. Healthcare of Ontario Pension Plan Trust Fund increased its position in Sphere Entertainment by 24.8% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 523,934 shares of the company's stock worth $61,510,000 after purchasing an additional 104,192 shares during the last quarter. Artemis Investment Management LLP increased its position in Sphere Entertainment by 118.9% during the third 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 raised its stake in Sphere Entertainment by 75.4% during the first 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 period. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment Company Profile

Sphere Entertainment Co is a live entertainment and media company whose businesses include Sphere and MSG Networks. Sphere is a large-scale venue in Las Vegas designed for concerts, films and other events, featuring immersive visuals and sound. The company also operates Sphere Studios, which develops content and technology for the venue and other applications.

MSG Networks operates regional sports and entertainment networks serving viewers in the New York metropolitan area. Its programming includes live coverage of professional sports, as well as news and other original content, with related streaming services also available to consumers.

Sphere Entertainment was formed in 2023 through the separation of businesses from Madison Square Garden Entertainment Corp.

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