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

Sphere Entertainment (NYSE:SPHR) had its price target hoisted by JPMorgan Chase & Co. from $150.00 to $165.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 18.05% from the stock’s previous close.

Other analysts also recently issued reports about the company. The Goldman Sachs Group raised their target price on Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Benchmark upped their price target on Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, June 18th. Bank of America increased their price target on Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Susquehanna lifted their price objective on Sphere Entertainment from $159.00 to $182.00 and gave the stock a “positive” rating in a report on Thursday, June 18th. Finally, Citigroup restated a “market outperform” rating on shares of Sphere Entertainment in a research note on Wednesday, June 17th. Eleven research 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 has a consensus rating of “Moderate Buy” and a consensus price target of $163.08.

Sphere Entertainment Stock Up 1.6%

SPHR traded up $2.23 during mid-day trading on Tuesday, reaching $139.77. 93,241 shares of the stock were exchanged, compared to its average volume of 768,327. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22. The stock has a market capitalization of $4.96 billion, a PE ratio of 78.68 and a beta of 1.61. The company has a 50 day moving average price of $146.52 and a two-hundred day moving average price of $124.34. Sphere Entertainment has a 1 year low of $37.89 and a 1 year high of $174.60.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.27. The company had revenue of $386.41 million during the quarter, compared to analyst estimates of $313.41 million. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.Sphere Entertainment’s quarterly revenue was up 37.7% on a year-over-year basis. During the same period in the prior year, the company posted ($2.27) earnings per share. As a group, research analysts anticipate that Sphere Entertainment will post -2.44 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its stake in shares of Sphere Entertainment by 7.1% in the second quarter. GAMMA Investing LLC now owns 961 shares of the company’s stock worth $166,000 after purchasing an additional 64 shares during the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of Sphere Entertainment by 19.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock valued at $58,000 after buying an additional 100 shares during the last quarter. Vision Retirement LLC boosted its position in shares of Sphere Entertainment by 38.0% during the first quarter. Vision Retirement LLC now owns 483 shares of the company’s stock valued at $57,000 after buying an additional 133 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Sphere Entertainment by 0.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,263 shares of the company’s stock worth $3,448,000 after buying an additional 145 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Sphere Entertainment by 53.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock worth $43,000 after buying an additional 156 shares in the last quarter. 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.