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

Sphere Entertainment (NYSE:SPHR)‘s stock had its “buy” rating reiterated by equities researchers at BTIG Research in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $190.00 price target on the stock. BTIG Research’s price target points to a potential upside of 38.65% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on SPHR. Guggenheim raised their target price on shares of Sphere Entertainment from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. The Goldman Sachs Group increased their price target on shares of Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, April 8th. JPMorgan Chase & Co. raised their price objective on shares of Sphere Entertainment from $143.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Benchmark raised shares of Sphere Entertainment from a “hold” rating to a “buy” rating and set a $155.00 price objective for the company in a report on Wednesday, May 6th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $170.00 target price on shares of Sphere Entertainment in a research report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $145.92.

Sphere Entertainment Price Performance

Sphere Entertainment stock opened at $137.03 on Tuesday. The stock has a market cap of $4.86 billion, a price-to-earnings ratio of 76.99 and a beta of 1.69. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33. The business has a 50-day simple moving average of $124.60 and a 200 day simple moving average of $103.56. Sphere Entertainment has a 52 week low of $35.58 and a 52 week high of $149.00.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.27. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.The firm had revenue of $386.41 million for the quarter, compared to analysts’ expectations of $313.41 million. During the same quarter last year, the firm posted ($2.27) EPS. The company’s revenue was up 37.7% compared to the same quarter last year. On average, research analysts forecast that Sphere Entertainment will post -2.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Sphere Entertainment in the 4th quarter worth approximately $39,909,000. Goldman Sachs Group Inc. grew its holdings 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 purchasing an additional 357,794 shares during the last quarter. Mane Global Capital Management LP purchased a new position in Sphere Entertainment in the 3rd quarter worth $22,143,000. Renaissance Technologies LLC lifted its stake in Sphere Entertainment by 149.9% in the first quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock worth $65,736,000 after purchasing an additional 335,900 shares during the last quarter. Finally, Woodline Partners LP bought a new stake in Sphere Entertainment in the third quarter worth $20,503,000. 92.03% of the stock is owned by hedge funds and other 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.