Morgan Stanley Increases Sphere Entertainment (NYSE:SPHR) Price Target to $40.00

Key Points

• Morgan Stanley has raised its price target for Sphere Entertainment from $35.00 to $40.00, indicating a potential upside of 3.56% from the stock's current price.
• Other analysts have mixed ratings, with JPMorgan upgrading their target to $55.00 and Benchmark reiterating a "sell" rating with a $35.00 target.
• Sphere Entertainment recently reported significant earnings, posting $3.39 EPS for the quarter, exceeding expectations by $4.96.

Sphere Entertainment (NYSE:SPHR - Get Free Report) had its price objective lifted by stock analysts at Morgan Stanley from $35.00 to $40.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's price objective points to a potential upside of 3.56% from the stock's current price.

A number of other equities research analysts also recently commented on SPHR. Wall Street Zen raised Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. JPMorgan Chase & Co. upped their price objective on Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research note on Wednesday, May 21st. Benchmark reissued a "sell" rating and issued a $35.00 price objective on shares of Sphere Entertainment in a report on Monday, May 19th. Susquehanna began coverage on Sphere Entertainment in a report on Monday, April 28th. They issued a "positive" rating and a $37.00 price objective for the company. Finally, Guggenheim increased their price objective on Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Sphere Entertainment has an average rating of "Hold" and an average target price of $49.50.

Sphere Entertainment Trading Down 4.1%

NYSE:SPHR opened at $38.63 on Tuesday. The stock's 50 day moving average price is $41.57 and its 200 day moving average price is $37.84. The company has a market capitalization of $1.38 billion, a PE ratio of -3.85 and a beta of 1.71. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.24. Sphere Entertainment has a 52-week low of $23.89 and a 52-week high of $50.88.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings results on Monday, August 11th. The company reported $3.39 EPS for the quarter, beating the consensus estimate of ($1.57) by $4.96. The business had revenue of $282.68 million during the quarter, compared to analysts' expectations of $280.23 million. Sphere Entertainment had a negative return on equity of 16.78% and a negative net margin of 33.00%. The company's quarterly revenue was up 3.4% compared to the same quarter last year. During the same period last year, the firm earned ($2.00) EPS. On average, research analysts anticipate that Sphere Entertainment will post -11.47 EPS for the current year.

Institutional Investors Weigh In On Sphere Entertainment

Several hedge funds have recently made changes to their positions in SPHR. GAMMA Investing LLC lifted its stake in shares of Sphere Entertainment by 95.3% in the second quarter. GAMMA Investing LLC now owns 744 shares of the company's stock valued at $31,000 after buying an additional 363 shares during the period. CWM LLC lifted its stake in Sphere Entertainment by 915.3% during the second quarter. CWM LLC now owns 731 shares of the company's stock worth $31,000 after purchasing an additional 659 shares during the period. Sterling Capital Management LLC lifted its stake in Sphere Entertainment by 826.1% during the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after purchasing an additional 760 shares during the period. Ancora Advisors LLC bought a new position in Sphere Entertainment during the fourth quarter worth about $40,000. Finally, Tower Research Capital LLC TRC lifted its stake in Sphere Entertainment by 108.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock worth $53,000 after purchasing an additional 681 shares during the period. Institutional investors own 92.03% of the company's stock.

Sphere Entertainment Company Profile

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.

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