Sphere Entertainment (NYSE:SPHR) Upgraded by Piper Sandler to "Strong-Buy" Rating

Key Points

• Piper Sandler upgraded Sphere Entertainment to “strong buy,” joining a broadly positive analyst view. The stock has a consensus “Moderate Buy” rating and an average price target of $164.93.
• Sphere Entertainment reported quarterly revenue of $313.64 million, beating estimates of $307.44 million, while its adjusted loss of $1.07 per share was narrower than expected. Revenue increased 10.9% year over year, though the company remained unprofitable.
• Shares opened at $155.94, with a market capitalization of approximately $5.60 billion and a 12-month trading range of $39.52 to $181.63. Institutional investors own 92.03% of the company.

Sphere Entertainment (NYSE:SPHR - Get Free Report) was upgraded by investment analysts at Piper Sandler to a "strong-buy" rating in a note issued to investors on Thursday,Zacks.com reports.

Several other brokerages have also recently commented on SPHR. New Street Research set a $188.00 price target on shares of Sphere Entertainment in a research report on Tuesday, July 14th. Seaport Research Partners reissued a "buy" rating and set a $191.00 price target on shares of Sphere Entertainment in a research note on Thursday, August 13th. Benchmark increased their price objective on shares of Sphere Entertainment from $155.00 to $175.00 and gave the company a "buy" rating in a report on Thursday, June 18th. BTIG Research reaffirmed a "buy" rating and issued a $190.00 price objective on shares of Sphere Entertainment in a research note on Monday, August 3rd. Finally, Citigroup reaffirmed a "market outperform" rating on shares of Sphere Entertainment in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Sphere Entertainment has a consensus rating of "Moderate Buy" and an average target price of $164.93.

Sphere Entertainment Price Performance

Sphere Entertainment stock opened at $155.94 on Thursday. The business's 50-day simple moving average is $154.34 and its 200 day simple moving average is $133.87. The stock has a market cap of $5.60 billion, a price-to-earnings ratio of -58.19 and a beta of 1.65. Sphere Entertainment has a 12-month low of $39.52 and a 12-month high of $181.63. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, topping analysts' consensus estimates of ($1.51) by $0.44. The firm had revenue of $313.64 million during the quarter, compared to analyst estimates of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The company's revenue was up 10.9% on a year-over-year basis. During the same period last year, the company earned $3.39 earnings per share. As a group, research analysts anticipate that Sphere Entertainment will post -2.31 earnings per share for the current year.

Institutional Trading of Sphere Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its holdings in shares of Sphere Entertainment by 7.1% during the 2nd quarter. GAMMA Investing LLC now owns 961 shares of the company's stock worth $166,000 after acquiring an additional 64 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in Sphere Entertainment by 19.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company's stock valued at $58,000 after acquiring an additional 100 shares during the period. Vision Retirement LLC lifted its holdings in Sphere Entertainment by 38.0% during the 1st quarter. Vision Retirement LLC now owns 483 shares of the company's stock valued at $57,000 after purchasing an additional 133 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Sphere Entertainment by 0.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,263 shares of the company's stock valued at $3,448,000 after purchasing an additional 145 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its position in Sphere Entertainment by 53.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company's stock worth $43,000 after purchasing an additional 156 shares during the period. 92.03% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source