Sphere Entertainment's (SPHR) "Buy" Rating Reaffirmed at BTIG Research

Key Points

• BTIG Research reaffirmed its “Buy” rating on Sphere Entertainment and set a $190 price target, implying 32.46% upside from the prior close.
• Analyst sentiment remains positive, with 11 Buy ratings and two Holds; the consensus rating is “Moderate Buy” with an average target of $163.38.
• Sphere recently reported quarterly revenue of $313.64 million, up 10.9% year over year, and a loss of $1.07 per share that beat analyst expectations.

Sphere Entertainment (NYSE:SPHR - Get Free Report)'s stock had its "buy" rating reissued by BTIG Research in a research note issued on Monday,Benzinga reports. They presently have a $190.00 price objective on the stock. BTIG Research's price objective indicates a potential upside of 32.46% from the company's previous close.

SPHR has been the topic of a number of other reports. Bank of America lifted their price objective on Sphere Entertainment from $110.00 to $132.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Guggenheim increased their target price on shares of Sphere Entertainment from $188.00 to $193.00 and gave the company a "buy" rating in a research report on Friday. The Goldman Sachs Group raised their price target on shares of Sphere Entertainment from $150.00 to $189.00 and gave the stock a "buy" rating in a report on Wednesday, July 8th. Citizens Jmp upped their price objective 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. Finally, Susquehanna upped their price objective on shares of Sphere Entertainment from $159.00 to $182.00 and gave the company a "positive" rating in a research note on Thursday, June 18th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $163.38.

Sphere Entertainment Stock Up 0.1%

Shares of NYSE:SPHR opened at $143.44 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.22 and a current ratio of 1.22. Sphere Entertainment has a 52-week low of $37.89 and a 52-week high of $174.60. The company has a market capitalization of $5.09 billion, a PE ratio of -53.52 and a beta of 1.65. The company has a fifty day moving average of $147.77 and a 200-day moving average of $127.31.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share for the quarter, topping the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The company had revenue of $313.64 million for the quarter, compared to analysts' expectations of $307.44 million. During the same period in the previous year, the business posted $3.39 earnings per share. The business's quarterly revenue was up 10.9% compared to the same quarter last year. On average, equities analysts predict that Sphere Entertainment will post -2.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

Several large investors have recently added to or reduced their stakes in SPHR. Handelsbanken Fonder AB increased its holdings in Sphere Entertainment by 30.0% in 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 in the last quarter. Breakwater Capital Group bought a new position in shares of Sphere Entertainment during the 2nd quarter worth approximately $257,000. Assenagon Asset Management S.A. acquired a new stake in shares of Sphere Entertainment during the 2nd quarter worth approximately $70,402,000. GAMMA Investing LLC grew its position 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 buying an additional 64 shares during the period. Finally, Parallel Advisors LLC increased its stake in shares of Sphere Entertainment by 275.0% in the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company's stock valued at $55,000 after acquiring an additional 341 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

About Sphere Entertainment

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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