Sphere Entertainment (NYSE:SPHR) Price Target Raised to $165.00

Key Points

• JPMorgan raised its price target on Sphere Entertainment to $165 from $150 and kept an overweight rating, implying about 18% upside from the current share price.
• Other analysts remain bullish, with several recent target increases pushing the consensus price target to $163.08 and the stock carrying a Moderate Buy rating overall.
• Sphere Entertainment recently beat earnings and revenue expectations, reporting -$0.04 EPS versus a -$0.31 estimate and $386.4 million in revenue, while shares traded at $139.77 on Tuesday.

Sphere Entertainment (NYSE:SPHR - Get Free Report) had its price target raised by investment analysts at JPMorgan Chase & Co. from $150.00 to $165.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 18.05% from the stock's current price.

Several other analysts have also weighed in on SPHR. New Street Research set a $188.00 price objective on Sphere Entertainment in a research note on Tuesday, July 14th. The Goldman Sachs Group lifted their target price on Sphere Entertainment from $150.00 to $189.00 and gave the company a "buy" rating in a research report on Wednesday, July 8th. Citigroup reissued a "market outperform" rating on shares of Sphere Entertainment in a research note on Wednesday, June 17th. BTIG Research reissued a "buy" rating and issued a $190.00 target price on shares of Sphere Entertainment in a report on Tuesday, May 19th. Finally, Citizens Jmp raised their price target on shares of Sphere Entertainment from $175.00 to $200.00 and gave the company a "market outperform" rating in a research note on Wednesday, June 17th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $163.08.

Sphere Entertainment Stock Performance

NYSE SPHR traded up $2.23 on Tuesday, reaching $139.77. The stock had a trading volume of 93,241 shares, compared to its average volume of 768,327. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22. The firm has a fifty day moving average of $146.52 and a two-hundred day moving average of $124.34. Sphere Entertainment has a 1-year low of $37.89 and a 1-year high of $174.60. The company has a market cap of $4.96 billion, a P/E ratio of 78.68 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.27. The company had revenue of $386.41 million for the quarter, compared to analysts' expectations of $313.41 million. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The business's revenue for the quarter was up 37.7% on a year-over-year basis. During the same period last year, the firm earned ($2.27) earnings per share. On average, equities research analysts anticipate that Sphere Entertainment will post -2.44 EPS for the current year.

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB raised its position in shares of Sphere Entertainment by 30.0% during the second quarter. Handelsbanken Fonder AB now owns 7,800 shares of the company's stock worth $1,350,000 after purchasing an additional 1,800 shares during the period. Breakwater Capital Group acquired a new stake in Sphere Entertainment in the 2nd quarter valued at $257,000. Assenagon Asset Management S.A. acquired a new stake in Sphere Entertainment in the 2nd quarter valued at $70,402,000. GAMMA Investing LLC increased its stake in Sphere Entertainment by 7.1% during the 2nd quarter. GAMMA Investing LLC now owns 961 shares of the company's stock valued at $166,000 after purchasing an additional 64 shares in the last quarter. Finally, Parallel Advisors LLC increased its stake in Sphere Entertainment by 275.0% during the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company's stock valued at $55,000 after purchasing an additional 341 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Company Profile

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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