Sphere Entertainment (NYSE:SPHR) Price Target Raised to $68.00

Sphere Entertainment (NYSE:SPHR) had its price target raised by JPMorgan Chase & Co. from $60.00 to $68.00 in a report published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts have also commented on the company. Craig Hallum began coverage on Sphere Entertainment in a research report on Monday, June 23rd. They issued a “buy” rating and a $75.00 price objective on the stock. Guggenheim increased their target price on Sphere Entertainment from $75.00 to $76.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. The Goldman Sachs Group increased their target price on Sphere Entertainment from $50.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 17th. Wall Street Zen upgraded Sphere Entertainment from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Finally, BTIG Research assumed coverage on Sphere Entertainment in a research report on Monday. They set a “neutral” rating on the stock. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $54.88.

Sphere Entertainment Price Performance

Shares of NYSE:SPHR opened at $58.90 on Wednesday. Sphere Entertainment has a twelve month low of $23.89 and a twelve month high of $68.00. The company’s 50 day moving average is $51.08 and its 200 day moving average is $41.33. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. The company has a market cap of $2.11 billion, a PE ratio of -11.07 and a beta of 1.79.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Monday, August 11th. The company reported $3.39 EPS for the quarter, topping the consensus estimate of ($1.57) by $4.96. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The business had revenue of $282.68 million for the quarter, compared to analyst estimates of $280.23 million. During the same quarter in the prior year, the firm posted ($2.00) EPS. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, sell-side analysts forecast that Sphere Entertainment will post -11.47 EPS for the current year.

Institutional Trading of Sphere Entertainment

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its holdings in shares of Sphere Entertainment by 4,769.5% during the 1st quarter. GAMMA Investing LLC now owns 12,466 shares of the company’s stock worth $381,000 after acquiring an additional 12,210 shares during the period. SG Americas Securities LLC raised its holdings in shares of Sphere Entertainment by 765.8% during the 1st quarter. SG Americas Securities LLC now owns 99,597 shares of the company’s stock worth $3,259,000 after acquiring an additional 88,093 shares during the period. Janney Montgomery Scott LLC purchased a new position in shares of Sphere Entertainment during the 1st quarter worth $225,000. Envestnet Asset Management Inc. purchased a new position in shares of Sphere Entertainment during the 1st quarter worth $1,359,000. Finally, Victory Capital Management Inc. raised its holdings in shares of Sphere Entertainment by 152.0% during the 1st quarter. Victory Capital Management Inc. now owns 56,392 shares of the company’s stock worth $1,845,000 after acquiring an additional 34,015 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

About Sphere Entertainment

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.