Sphere Entertainment (NYSE:SPHR) Price Target Raised to $55.00 at JPMorgan Chase & Co.

Sphere Entertainment (NYSE:SPHR - Free Report) had its price target upped by JPMorgan Chase & Co. from $54.00 to $55.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

SPHR has been the topic of a number of other research reports. Benchmark restated a "sell" rating and set a $35.00 price target on shares of Sphere Entertainment in a report on Monday, May 19th. Guggenheim boosted their price target on Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a report on Friday, May 9th. Susquehanna began coverage on Sphere Entertainment in a report on Monday, April 28th. They set a "positive" rating and a $37.00 target price on the stock. Morgan Stanley reduced their target price on Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a report on Thursday, April 10th. Finally, Macquarie reduced their target price on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $45.78.

Sphere Entertainment Trading Down 0.4%

NYSE:SPHR traded down $0.14 during mid-day trading on Wednesday, reaching $37.45. 454,457 shares of the company's stock traded hands, compared to its average volume of 812,355. Sphere Entertainment has a 12-month low of $23.89 and a 12-month high of $50.88. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of -3.57 and a beta of 1.51. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The company has a 50 day moving average price of $30.82 and a 200-day moving average price of $37.51.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($2.48) by $0.21. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The company had revenue of $280.57 million for the quarter, compared to the consensus estimate of $285.01 million. During the same quarter in the previous year, the business earned ($1.33) EPS. Sphere Entertainment's revenue was down 12.7% compared to the same quarter last year. On average, sell-side analysts predict that Sphere Entertainment will post -11.47 earnings per share for the current year.

Insider Buying and Selling at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 25.08% of the company's stock.

Institutional Trading of Sphere Entertainment

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Sphere Entertainment by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company's stock valued at $112,689,000 after buying an additional 29,402 shares during the period. Raymond James Financial Inc. bought a new stake in Sphere Entertainment during the fourth quarter valued at about $2,656,000. OFI Invest Asset Management bought a new stake in Sphere Entertainment during the fourth quarter valued at about $306,000. Entropy Technologies LP grew its position in shares of Sphere Entertainment by 108.6% during the fourth quarter. Entropy Technologies LP now owns 13,816 shares of the company's stock valued at $557,000 after purchasing an additional 7,194 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Sphere Entertainment during the fourth quarter valued at about $14,432,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

About Sphere Entertainment

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.