Sphere Entertainment Co. (NYSE:SPHR) Receives $161.92 Consensus PT from Analysts

Shares of Sphere Entertainment Co. (NYSE:SPHR) have been assigned an average recommendation of “Moderate Buy” from the thirteen research firms that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $163.0769.

SPHR has been the topic of a number of research analyst reports. Citigroup reiterated a “market outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Susquehanna raised their price target on Sphere Entertainment from $159.00 to $182.00 and gave the stock a “positive” rating in a research note on Thursday, June 18th. Weiss Ratings upgraded Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Seaport Research Partners restated a “buy” rating and set a $173.00 target price on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Finally, Benchmark lifted their target price on shares of Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, June 18th.

Institutional Investors Weigh In On Sphere Entertainment

Several large investors have recently modified their holdings of SPHR. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Sphere Entertainment in the 4th quarter valued at $39,909,000. Assenagon Asset Management S.A. purchased a new position in Sphere Entertainment during the 2nd quarter worth $70,402,000. Goldman Sachs Group Inc. raised its position in Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after buying an additional 357,794 shares during the last quarter. Mane Global Capital Management LP acquired a new stake in shares of Sphere Entertainment in the 3rd quarter worth $22,143,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Sphere Entertainment by 149.9% in the 1st quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock worth $65,736,000 after acquiring an additional 335,900 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Trading Down 3.2%

Shares of Sphere Entertainment stock opened at $133.82 on Friday. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33. The company has a fifty day simple moving average of $146.75 and a 200-day simple moving average of $125.25. The stock has a market cap of $4.75 billion, a price-to-earnings ratio of 75.18 and a beta of 1.61. Sphere Entertainment has a 12-month low of $37.89 and a 12-month high of $174.60.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.27. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The firm had revenue of $386.41 million for the quarter, compared to analyst estimates of $313.41 million. During the same period last year, the business earned ($2.27) EPS. Sphere Entertainment’s revenue for the quarter was up 37.7% compared to the same quarter last year. On average, equities analysts forecast that Sphere Entertainment will post -2.44 EPS for the current fiscal year.

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.