Sphere Entertainment (NYSE:SPHR) Price Target Raised to $68.00

Key Points

• The Goldman Sachs Group has raised the price target for Sphere Entertainment's stock from $50.00 to $68.00, maintaining a "buy" rating and indicating a potential upside of 11.32% from the last close.
• Several brokerages, including Craig Hallum and Guggenheim, have also set higher price targets for Sphere Entertainment, with ratings ranging from "hold" to "buy".
• Sphere Entertainment's recent quarterly earnings report showed an EPS of $3.39, surpassing estimates significantly, with revenue of $282.68 million for the quarter.

Sphere Entertainment (NYSE:SPHR - Free Report) had its price objective lifted by The Goldman Sachs Group from $50.00 to $68.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts also recently issued reports on the stock. Morgan Stanley upped their target price on shares of Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 12th. Wall Street Zen upgraded shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. JPMorgan Chase & Co. upped their target price on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Wednesday, May 21st. Craig Hallum assumed coverage on shares of Sphere Entertainment in a research report on Monday, June 23rd. They set a "buy" rating and a $75.00 target price on the stock. Finally, Guggenheim upped their price target on Sphere Entertainment from $75.00 to $76.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $54.00.

Sphere Entertainment Price Performance

Shares of NYSE:SPHR traded down $1.07 on Wednesday, hitting $59.67. The stock had a trading volume of 1,446,090 shares, compared to its average volume of 1,430,283. Sphere Entertainment has a twelve month low of $23.89 and a twelve month high of $62.85. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.13. The firm's 50 day moving average price is $46.18 and its 200-day moving average price is $38.50. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of -11.22 and a beta of 1.74.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported $3.39 EPS for the quarter, beating the consensus estimate of ($1.57) by $4.96. Sphere Entertainment had a negative net margin of 14.68% and a negative return on equity of 19.27%. The company had revenue of $282.68 million for the quarter, compared to the consensus estimate of $280.23 million. During the same quarter in the previous year, the company earned ($2.00) EPS. The firm's revenue for the quarter was up 3.4% compared to the same quarter last year. On average, equities research analysts predict that Sphere Entertainment will post -11.47 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SPHR. Ariel Investments LLC grew its holdings in shares of Sphere Entertainment by 12.7% during the second quarter. Ariel Investments LLC now owns 7,100,237 shares of the company's stock worth $296,790,000 after purchasing an additional 802,098 shares during the last quarter. Holocene Advisors LP grew its holdings in shares of 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 purchasing an additional 142,997 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Sphere Entertainment by 1.5% during the second quarter. Geode Capital Management LLC now owns 650,037 shares of the company's stock worth $27,175,000 after purchasing an additional 9,746 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of 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 purchasing an additional 357,794 shares during the last quarter. Finally, Gabelli Funds LLC grew its holdings in shares of Sphere Entertainment by 1.7% during the second quarter. Gabelli Funds LLC now owns 563,139 shares of the company's stock worth $23,539,000 after purchasing an additional 9,500 shares during the last quarter. Institutional investors own 92.03% of the company's stock.

Sphere Entertainment Company Profile

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.