Sphere Entertainment (NYSE:SPHR) Receives "Buy" Rating from BTIG Research

Key Points

• BTIG Research reaffirmed its “Buy” rating on Sphere Entertainment and set a $190 price target, implying approximately 39.55% upside from the stock’s current price.
• Analyst sentiment is broadly positive: 11 analysts rate the stock a Buy and two rate it a Hold, resulting in a “Moderate Buy” consensus and an average target price of $163.08.
• Sphere reported stronger-than-expected quarterly results, with revenue rising 37.7% year over year to $386.41 million and an adjusted EPS loss of $0.04 versus the $0.31 consensus estimate. Institutional investors own approximately 92.03% of the company.

Sphere Entertainment (NYSE:SPHR - Get Free Report)'s stock had its "buy" rating reissued by BTIG Research in a research report issued on Monday,Benzinga reports. They presently have a $190.00 price objective on the stock. BTIG Research's target price would indicate a potential upside of 39.55% from the company's current price.

SPHR has been the subject of several other reports. Weiss Ratings upgraded Sphere Entertainment from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Bank of America upped their price objective on shares of Sphere Entertainment from $110.00 to $132.00 and gave the stock a "neutral" rating in a research report on Thursday, April 9th. Susquehanna lifted their target price on shares of Sphere Entertainment from $159.00 to $182.00 and gave the company a "positive" rating in a research report on Thursday, June 18th. Citizens Jmp boosted their price target on shares of Sphere Entertainment from $175.00 to $200.00 and gave the stock a "market outperform" rating in a research note on Wednesday, June 17th. Finally, Benchmark increased their price target on shares of Sphere Entertainment from $155.00 to $175.00 and gave the stock a "buy" rating in a report on Thursday, June 18th. Eleven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Sphere Entertainment currently has an average rating of "Moderate Buy" and an average target price of $163.08.

Sphere Entertainment Trading Down 0.1%

Shares of Sphere Entertainment stock opened at $136.15 on Monday. The company's 50-day moving average price is $146.79 and its 200-day moving average price is $125.55. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33. Sphere Entertainment has a 12-month low of $37.89 and a 12-month high of $174.60. The company has a market cap of $4.83 billion, a price-to-earnings ratio of 76.49 and a beta of 1.61.

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

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds have recently made changes to their positions in the business. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Sphere Entertainment during the 4th quarter valued at about $39,909,000. Assenagon Asset Management S.A. purchased a new position in Sphere Entertainment in the 2nd quarter worth approximately $70,402,000. Goldman Sachs Group Inc. lifted its position in Sphere Entertainment by 132.0% in the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company's stock valued at $20,577,000 after purchasing an additional 357,794 shares during the last quarter. Mane Global Capital Management LP bought a new stake in Sphere Entertainment in the third quarter valued at approximately $22,143,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Sphere Entertainment by 149.9% during 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 during the period. 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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