Sphere Entertainment (NYSE:SPHR) Rating Increased to Strong-Buy at Piper Sandler

Piper Sandler upgraded shares of Sphere Entertainment (NYSE:SPHR) to a strong-buy rating in a report published on Thursday, Marketbeat reports. The firm currently has $185.00 price target on the stock.

Several other brokerages also recently weighed in on SPHR. JPMorgan Chase & Co. decreased their target price on shares of Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Morgan Stanley restated an “overweight” rating and set a $170.00 price target on shares of Sphere Entertainment in a research note on Wednesday, May 6th. Guggenheim increased their price target on Sphere Entertainment from $188.00 to $193.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Seaport Research Partners reissued a “buy” rating and issued a $191.00 price objective on shares of Sphere Entertainment in a research note on Thursday, August 13th. Finally, Citigroup restated a “market outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Sphere Entertainment has an average rating of “Moderate Buy” and a consensus price target of $164.93.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $155.94 on Thursday. The stock’s 50-day moving average is $154.34 and its two-hundred day moving average is $133.87. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.22 and a current ratio of 1.22. Sphere Entertainment has a 1 year low of $39.52 and a 1 year high of $181.63. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of -58.19 and a beta of 1.65.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, topping the consensus estimate of ($1.51) by $0.44. The company had revenue of $313.64 million for the quarter, compared to analyst estimates of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The firm’s revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.39 earnings per share. Analysts predict that Sphere Entertainment will post -2.31 earnings per share for the current year.

Institutional Investors Weigh In On Sphere Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership acquired a new position in Sphere Entertainment in the first quarter valued at $3,621,000. Renaissance Technologies LLC boosted its stake in 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 buying an additional 335,900 shares during the last quarter. Quent Capital LLC increased its stake in shares of Sphere Entertainment by 2,083.3% during the 4th quarter. Quent Capital LLC now owns 10,480 shares of the company’s stock valued at $996,000 after acquiring an additional 10,000 shares during the last quarter. Capula Management Ltd acquired a new position in shares of Sphere Entertainment during the 1st quarter valued at about $1,997,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Sphere Entertainment by 75.4% during the 1st quarter. Bank of New York Mellon Corp now owns 146,782 shares of the company’s stock worth $17,232,000 after acquiring an additional 63,080 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.