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

Sphere Entertainment (NYSE:SPHR - Get Free Report) had its price objective hoisted by JPMorgan Chase & Co. from $54.00 to $55.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 42.03% from the stock's current price.

Other research analysts also recently issued research reports about the stock. Guggenheim increased their price objective on shares of Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a report on Friday, May 9th. Macquarie dropped their price target on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating for the company in a research note on Tuesday, March 11th. Susquehanna assumed coverage on Sphere Entertainment in a research note on Monday, April 28th. They issued a "positive" rating and a $37.00 price objective on the stock. Benchmark reaffirmed a "sell" rating and set a $35.00 price objective on shares of Sphere Entertainment in a report on Monday. Finally, Morgan Stanley cut their target price on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating for the company in a report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given 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 target price of $45.78.

Sphere Entertainment Stock Performance

Sphere Entertainment stock traded down $0.63 during midday trading on Wednesday, hitting $38.73. The stock had a trading volume of 108,900 shares, compared to its average volume of 809,074. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. Sphere Entertainment has a 52-week low of $23.89 and a 52-week high of $50.88. The company has a market capitalization of $1.39 billion, a PE ratio of -3.68 and a beta of 1.51. The firm's fifty day moving average is $30.52 and its two-hundred day moving average is $37.67.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, beating the consensus estimate 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 last year, the company earned ($1.33) EPS. The firm's quarterly revenue was down 12.7% on a year-over-year basis. On average, research analysts forecast that Sphere Entertainment will post -11.47 EPS for the current year.

Insider Transactions at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $33.80, for a total transaction of $1,872,013.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 25.08% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SPHR. Sterling Capital Management LLC raised its stake in Sphere Entertainment by 826.1% in the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after buying an additional 760 shares in the last quarter. Ancora Advisors LLC purchased a new stake in shares of Sphere Entertainment during the fourth quarter worth about $40,000. Tower Research Capital LLC TRC raised its position in shares of Sphere Entertainment by 108.1% during the 4th 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 last quarter. Blue Trust Inc. lifted its stake in Sphere Entertainment by 149.5% in the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company's stock valued at $67,000 after buying an additional 912 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in Sphere Entertainment during the 4th quarter worth approximately $93,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

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.

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