Sphere Entertainment (NYSE:SPHR) Upgraded to Overweight by JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Sphere Entertainment (NYSE:SPHR) from a neutral rating to an overweight rating in a research report sent to investors on Friday, MarketBeat reports. JPMorgan Chase & Co. currently has $57.00 target price on the stock, up from their previous target price of $37.00.

A number of other research analysts have also recently weighed in on SPHR. Morgan Stanley lifted their price objective on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an equal weight rating in a report on Thursday, July 11th. Benchmark began coverage on shares of Sphere Entertainment in a report on Tuesday, July 23rd. They issued a hold rating for the company. Finally, Guggenheim dropped their target price on shares of Sphere Entertainment from $48.00 to $43.00 and set a buy rating on the stock in a research report on Thursday, June 27th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Sphere Entertainment currently has an average rating of Hold and an average price target of $47.00.

Sphere Entertainment Stock Performance

Shares of Sphere Entertainment stock traded up $2.98 during trading on Friday, hitting $49.22. 1,599,540 shares of the company’s stock were exchanged, compared to its average volume of 708,338. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.65 and a current ratio of 0.65. The business has a 50-day simple moving average of $39.66 and a 200-day simple moving average of $40.94. Sphere Entertainment has a 52-week low of $27.02 and a 52-week high of $51.83. The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of 4.52 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a net margin of 43.36% and a return on equity of 8.11%. The firm had revenue of $273.40 million during the quarter, compared to analysts’ expectations of $271.28 million. During the same quarter last year, the company posted $15.43 earnings per share. The firm’s revenue was up 111.8% compared to the same quarter last year. On average, research analysts forecast that Sphere Entertainment will post -4.93 EPS for the current year.

Hedge Funds Weigh In On Sphere Entertainment

A number of institutional investors and hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company boosted its holdings in Sphere Entertainment by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,177 shares of the company’s stock valued at $462,000 after purchasing an additional 359 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Sphere Entertainment by 2.2% in the 4th quarter. Victory Capital Management Inc. now owns 20,851 shares of the company’s stock valued at $708,000 after purchasing an additional 457 shares during the last quarter. North Star Investment Management Corp. boosted its holdings in Sphere Entertainment by 0.5% in the 1st quarter. North Star Investment Management Corp. now owns 125,620 shares of the company’s stock valued at $6,165,000 after purchasing an additional 620 shares during the last quarter. Blue Trust Inc. acquired a new position in Sphere Entertainment in the 2nd quarter valued at about $27,000. Finally, Swiss National Bank boosted its holdings in Sphere Entertainment by 1.6% in the 1st quarter. Swiss National Bank now owns 50,159 shares of the company’s stock valued at $2,462,000 after purchasing an additional 800 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Company Profile

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.