Sphere Entertainment (NYSE:SPHR) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. has raised its target price for Sphere Entertainment's stock from $60.00 to $68.00, indicating a potential upside of 14.57% from the current price.
• The stock has received multiple buy ratings from analysts including Goldman Sachs and Guggenheim, with a significant increase in target prices reflecting positive sentiment.
• Sphere Entertainment reported earnings of $3.39 per share for the last quarter, beating expectations and showing a year-over-year revenue increase of 3.4%.

Sphere Entertainment (NYSE:SPHR - Get Free Report) had its target price lifted by JPMorgan Chase & Co. from $60.00 to $68.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 14.57% from the stock's current price.

Several other research analysts have also issued reports on SPHR. The Goldman Sachs Group lifted their price target on shares of Sphere Entertainment from $50.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, September 17th. Guggenheim upped their price objective on shares of Sphere Entertainment from $75.00 to $76.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. BTIG Research assumed coverage on shares of Sphere Entertainment in a report on Monday. They set a "neutral" rating for the company. Morgan Stanley increased their price target on shares of Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 12th. Finally, Craig Hallum initiated coverage on shares of Sphere Entertainment in a research report on Monday, June 23rd. They set a "buy" rating and a $75.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $54.88.

Sphere Entertainment Trading Down 0.5%

Shares of Sphere Entertainment stock traded down $0.32 during trading hours on Wednesday, reaching $59.35. 558,486 shares of the company's stock were exchanged, compared to its average volume of 894,755. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of -11.16 and a beta of 1.79. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. The company has a fifty day moving average of $50.06 and a 200-day moving average of $40.84. Sphere Entertainment has a 52-week low of $23.89 and a 52-week high of $68.00.

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

Institutional Trading of Sphere Entertainment

A number of large investors have recently added to or reduced their stakes in SPHR. CWM LLC boosted its position in Sphere Entertainment by 915.3% during the second quarter. CWM LLC now owns 731 shares of the company's stock worth $31,000 after purchasing an additional 659 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Sphere Entertainment by 95.3% during the 2nd quarter. GAMMA Investing LLC now owns 744 shares of the company's stock valued at $31,000 after buying an additional 363 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Sphere Entertainment by 81.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,294 shares of the company's stock worth $96,000 after purchasing an additional 1,030 shares in the last quarter. Headlands Technologies LLC purchased a new position in Sphere Entertainment in the 1st quarter worth about $123,000. Finally, State Board of Administration of Florida Retirement System purchased a new stake in shares of Sphere Entertainment during the 2nd quarter valued at about $202,000. 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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