JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Sphere Entertainment (NYSE:SPHR) Stock

Sphere Entertainment (NYSE:SPHR) had its price objective lifted by investment analysts at JPMorgan Chase & Co. from $91.00 to $110.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 14.24% from the stock’s previous close.

A number of other brokerages have also recently issued reports on SPHR. Benchmark lifted their price target on shares of Sphere Entertainment from $35.00 to $45.00 and gave the company a “sell” rating in a research report on Wednesday, November 5th. Guggenheim raised their target price on shares of Sphere Entertainment from $78.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Wolfe Research reissued an “outperform” rating and issued a $105.00 price target on shares of Sphere Entertainment in a research report on Monday, December 15th. Seaport Res Ptn raised Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. Finally, Craig Hallum reiterated a “buy” rating and set a $100.00 price objective on shares of Sphere Entertainment in a research note on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Sphere Entertainment has an average rating of “Moderate Buy” and an average target price of $85.00.

Sphere Entertainment Trading Down 2.0%

SPHR traded down $1.96 during midday trading on Thursday, reaching $96.29. 606,072 shares of the company’s stock traded hands, compared to its average volume of 785,142. Sphere Entertainment has a 52 week low of $23.89 and a 52 week high of $101.89. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a fifty day moving average of $86.56 and a two-hundred day moving average of $63.98. The stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of -18.63 and a beta of 1.71.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SPHR. Arizona State Retirement System increased its position in Sphere Entertainment by 2.0% during the 3rd quarter. Arizona State Retirement System now owns 7,758 shares of the company’s stock valued at $482,000 after purchasing an additional 152 shares during the period. ORG Partners LLC increased its holdings in Sphere Entertainment by 35.4% during the fourth quarter. ORG Partners LLC now owns 895 shares of the company’s stock valued at $85,000 after buying an additional 234 shares during the period. First Trust Advisors LP raised its stake in Sphere Entertainment by 1.6% in the second quarter. First Trust Advisors LP now owns 20,610 shares of the company’s stock worth $861,000 after buying an additional 315 shares in the last quarter. AlphaQuest LLC raised its position in shares of Sphere Entertainment by 3.9% in the 3rd quarter. AlphaQuest LLC now owns 8,461 shares of the company’s stock worth $526,000 after acquiring an additional 321 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in Sphere Entertainment by 95.3% during the second quarter. GAMMA Investing LLC now owns 744 shares of the company’s stock valued at $31,000 after purchasing an additional 363 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

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.