JPMorgan Chase & Co. Has Lowered Expectations for Sphere Entertainment (NYSE:SPHR) Stock Price

Sphere Entertainment (NYSE:SPHR) had its price objective dropped by investment analysts at JPMorgan Chase & Co. from $57.00 to $54.00 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 target indicates a potential upside of 42.97% from the company’s previous close.

Several other research firms also recently issued reports on SPHR. Guggenheim dropped their price target on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Morgan Stanley lowered their price target on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. Finally, Macquarie cut their price target on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $47.38.

Sphere Entertainment Trading Up 0.2 %

Shares of NYSE:SPHR traded up $0.08 during midday trading on Tuesday, hitting $37.77. 1,434,159 shares of the stock were exchanged, compared to its average volume of 700,079. The business’s 50-day moving average price is $43.53 and its 200 day moving average price is $43.14. Sphere Entertainment has a 12 month low of $32.10 and a 12 month high of $51.83. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of -3.60 and a beta of 1.39.

Institutional Trading of Sphere Entertainment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Steadfast Capital Management LP grew its stake in Sphere Entertainment by 183.8% in the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock valued at $37,340,000 after acquiring an additional 599,800 shares during the period. Ariel Investments LLC grew its position in Sphere Entertainment by 7.4% in the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock valued at $231,606,000 after purchasing an additional 394,050 shares during the period. Norges Bank acquired a new stake in Sphere Entertainment in the 4th quarter valued at $14,432,000. Wealthfront Advisers LLC bought a new stake in Sphere Entertainment during the 4th quarter valued at $11,286,000. Finally, Alliancebernstein L.P. raised its holdings in Sphere Entertainment by 929.8% during the fourth quarter. Alliancebernstein L.P. now owns 285,885 shares of the company’s stock worth $11,527,000 after buying an additional 258,123 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

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.