Sphere Entertainment Co. (NYSE:SPHR) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts give Sphere Entertainment a “Moderate Buy” consensus: Eleven of 13 analysts rate the stock a buy, while two recommend holding it. The average 12-month price target is $163.38.
• Institutional ownership is substantial: Hedge funds and other institutional investors own 92.03% of SPHR, with several firms recently initiating or increasing positions.
• Quarterly results exceeded expectations: Sphere reported an adjusted loss of $1.07 per share versus the expected $1.51 loss, while revenue rose 10.9% year over year to $313.64 million.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the thirteen ratings firms that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $163.3846.

Several equities research analysts recently commented on SPHR shares. Guggenheim boosted their target price on Sphere Entertainment from $188.00 to $193.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Morgan Stanley reaffirmed an "overweight" rating and set a $170.00 price target on shares of Sphere Entertainment in a research note on Wednesday, May 6th. Benchmark lifted their price target on Sphere Entertainment from $155.00 to $175.00 and gave the company a "buy" rating in a research report on Thursday, June 18th. Citigroup reissued a "market outperform" rating on shares of Sphere Entertainment in a research note on Wednesday, June 17th. Finally, BTIG Research restated a "buy" rating and issued a $190.00 price objective on shares of Sphere Entertainment in a report on Monday, August 3rd.

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership bought a new stake in shares of Sphere Entertainment in the first quarter worth $3,621,000. Renaissance Technologies LLC grew its position 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 in the last quarter. Quent Capital LLC increased its stake in Sphere Entertainment by 2,083.3% in the 4th quarter. Quent Capital LLC now owns 10,480 shares of the company's stock valued at $996,000 after buying an additional 10,000 shares during the last quarter. Bank of New York Mellon Corp increased its stake in 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 valued at $17,232,000 after buying an additional 63,080 shares during the last quarter. Finally, Capula Management Ltd bought a new stake in Sphere Entertainment during the 1st quarter worth about $1,997,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $163.08 on Tuesday. The company has a market cap of $5.86 billion, a P/E ratio of -60.85 and a beta of 1.65. The business has a 50 day moving average of $150.41 and a two-hundred day moving average of $129.88. Sphere Entertainment has a 52 week low of $37.89 and a 52 week high of $174.60. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share for the quarter, topping the consensus estimate of ($1.51) by $0.44. The firm had revenue of $313.64 million for 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%.The firm's revenue for the quarter was up 10.9% on a year-over-year basis. During the same period last year, the company earned $3.39 earnings per share. As a group, analysts anticipate that Sphere Entertainment will post -2.3 EPS for the current 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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