Sphere Entertainment (NYSE:SPHR) Stock Price Expected to Rise, BTIG Research Analyst Says

Sphere Entertainment (NYSE:SPHR) had its price objective lifted by investment analysts at BTIG Research from $127.00 to $190.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s target price would indicate a potential upside of 39.08% from the company’s current price.

A number of other equities research analysts have also weighed in on SPHR. Benchmark upgraded shares of Sphere Entertainment from a “sell” rating to a “hold” rating in a report on Tuesday, February 17th. Bank of America upped their target price on shares of Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Seaport Research Partners upgraded shares of Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 8th. JPMorgan Chase & Co. upped their target price on shares of Sphere Entertainment from $91.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, January 15th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sphere Entertainment in a research report on Monday, April 20th. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $137.17.

Sphere Entertainment Price Performance

Shares of NYSE SPHR opened at $136.62 on Wednesday. The firm’s 50-day moving average price is $120.86 and its 200-day moving average price is $99.08. Sphere Entertainment has a 1-year low of $27.61 and a 1-year high of $149.00. The firm has a market capitalization of $4.85 billion, a P/E ratio of -303.59 and a beta of 1.69. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.34.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.86) by $0.82. Sphere Entertainment had a net margin of 2.16% and a negative return on equity of 8.84%. The firm had revenue of $386.41 million for the quarter, compared to analyst estimates of $313.41 million. During the same quarter in the prior year, the business earned ($2.27) earnings per share. The business’s quarterly revenue was up 37.7% compared to the same quarter last year. Equities research analysts anticipate that Sphere Entertainment will post -2.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Steadfast Capital Management LP grew its position in shares of Sphere Entertainment by 0.9% during the 3rd quarter. Steadfast Capital Management LP now owns 1,256,497 shares of the company’s stock valued at $78,054,000 after acquiring an additional 10,720 shares during the period. Holocene Advisors LP grew its position in shares of Sphere Entertainment by 23.2% during the 2nd quarter. Holocene Advisors LP now owns 760,160 shares of the company’s stock valued at $31,775,000 after acquiring an additional 142,997 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after acquiring an additional 357,794 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Sphere Entertainment during the 4th quarter valued at approximately $39,909,000. Finally, Mane Global Capital Management LP bought a new position in shares of Sphere Entertainment during the 3rd quarter valued at approximately $22,143,000. 92.03% of the stock is owned by institutional investors.

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.