Sphere Entertainment’s (SPHR) “Buy” Rating Reiterated at BTIG Research

BTIG Research reaffirmed their buy rating on shares of Sphere Entertainment (NYSE:SPHR) in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a $190.00 target price on the stock.

Several other brokerages also recently commented on SPHR. Weiss Ratings upgraded shares of Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. New Street Research set a $188.00 price target on Sphere Entertainment in a research report on Tuesday, July 14th. Citizens Jmp lifted their price objective on Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Wednesday, June 17th. Citigroup reiterated a “market outperform” rating on shares of Sphere Entertainment in a research note on Wednesday, June 17th. Finally, The Goldman Sachs Group increased their target price on Sphere Entertainment from $150.00 to $189.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $163.08.

Sphere Entertainment Trading Down 0.7%

Shares of SPHR stock opened at $140.31 on Monday. Sphere Entertainment has a 12 month low of $37.89 and a 12 month high of $174.60. The company has a market cap of $4.98 billion, a PE ratio of 78.83 and a beta of 1.61. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33. The business’s 50 day moving average is $147.08 and its two-hundred day moving average is $126.58.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.27. The business had revenue of $386.41 million during the quarter, compared to analysts’ expectations of $313.41 million. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. Sphere Entertainment’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same period in the previous year, the company earned ($2.27) earnings per share. Equities analysts predict that Sphere Entertainment will post -2.5 EPS for the current year.

Institutional Trading of Sphere Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of SPHR. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Sphere Entertainment during the 4th quarter worth approximately $39,909,000. Assenagon Asset Management S.A. acquired a new position in shares of Sphere Entertainment in the second quarter valued at $70,402,000. Goldman Sachs Group Inc. lifted its position in Sphere Entertainment by 132.0% in the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after purchasing an additional 357,794 shares during the period. Mane Global Capital Management LP bought a new position in Sphere Entertainment in the third quarter worth $22,143,000. Finally, Renaissance Technologies LLC boosted its stake in Sphere Entertainment by 149.9% during the first quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock worth $65,736,000 after buying an additional 335,900 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.