Sphere Entertainment Co. (NYSE:SPHR) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analysts have a consensus "Moderate Buy" rating from 11 covering the stock (8 buys, 2 holds, 1 sell) with an average 12‑month price target of $122.75 and several recent upward target revisions.
• Institutional investors own about 92.03% of the shares, with recent large stakes added by firms such as Goldman Sachs, Healthcare of Ontario Pension Plan and Steadfast Capital, indicating heavy institutional interest.
• Sphere reported EPS $1.23 for the most recent quarter and revenue up 27.9% YoY (beating estimates), but analysts still expect a FY EPS of -2.51 and the stock currently shows a negative P/E.

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) have earned an average recommendation of "Moderate Buy" from the eleven analysts that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $122.75.

A number of equities research analysts have recently commented on SPHR shares. BTIG Research lifted their price target on shares of Sphere Entertainment from $110.00 to $127.00 and gave the stock a "buy" rating in a report on Friday, February 13th. Citizens Jmp initiated coverage on Sphere Entertainment in a report on Monday, March 30th. They issued an "outperform" rating and a $150.00 price target for the company. Benchmark upgraded shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a report on Tuesday, February 17th. Seaport Research Partners upgraded shares of Sphere Entertainment from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 8th. Finally, National Bank Financial set a $136.00 target price on shares of Sphere Entertainment in a report on Thursday, January 22nd.

Institutional Investors Weigh In On Sphere Entertainment

Several institutional investors have recently bought and sold shares of the business. Steadfast Capital Management LP grew its stake in Sphere Entertainment by 0.9% during the third quarter. Steadfast Capital Management LP now owns 1,256,497 shares of the company's stock worth $78,054,000 after buying an additional 10,720 shares during the period. Holocene Advisors LP grew its stake in Sphere Entertainment by 23.2% during the second quarter. Holocene Advisors LP now owns 760,160 shares of the company's stock worth $31,775,000 after buying an additional 142,997 shares during the period. Goldman Sachs Group Inc. grew its stake in Sphere Entertainment by 132.0% during the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company's stock worth $20,577,000 after buying an additional 357,794 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Sphere Entertainment during the fourth quarter worth approximately $39,909,000. Finally, Mane Global Capital Management LP purchased a new stake in Sphere Entertainment during the third quarter worth approximately $22,143,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Performance

NYSE:SPHR opened at $144.59 on Friday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.34. The firm has a 50-day moving average price of $120.41 and a two-hundred day moving average price of $98.31. Sphere Entertainment has a twelve month low of $27.17 and a twelve month high of $146.37. The company has a market capitalization of $5.13 billion, a P/E ratio of -321.32 and a beta of 1.69.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Thursday, February 12th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of ($0.12) by $1.35. The firm had revenue of $394.28 million during the quarter, compared to the consensus estimate of $377.60 million. Sphere Entertainment had a net margin of 2.16% and a negative return on equity of 8.84%. The firm's revenue for the quarter was up 27.9% on a year-over-year basis. During the same period last year, the firm posted ($3.49) EPS. As a group, research analysts expect that Sphere Entertainment will post -2.51 earnings per share for the current fiscal year.

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.

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