Sphere Entertainment (NYSE:SPHR) Given New $150.00 Price Target at Morgan Stanley

Sphere Entertainment (NYSE:SPHR) had its price target dropped by Morgan Stanley from $170.00 to $150.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley‘s price target indicates a potential upside of 36.10% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler reissued an “overweight” rating and issued a $145.00 target price (down from $185.00) on shares of Sphere Entertainment in a research report on Friday. BTIG Research decreased their price target on shares of Sphere Entertainment from $190.00 to $160.00 and set a “buy” rating on the stock in a research note on Tuesday, October 6th. Susquehanna lowered their price target on shares of Sphere Entertainment from $182.00 to $158.00 and set a “positive” rating on the stock in a research report on Wednesday, October 21st. Guggenheim dropped their price objective on shares of Sphere Entertainment from $208.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, October 14th. Finally, The Goldman Sachs Group lifted their price objective on shares of Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Eleven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $160.93.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $110.21 on Tuesday. The stock has a market cap of $3.96 billion, a P/E ratio of -41.12 and a beta of 1.61. The company has a fifty day moving average price of $134.25 and a two-hundred day moving average price of $129.62. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22. Sphere Entertainment has a one year low of $64.00 and a one year high of $181.63.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%. The business had revenue of $313.64 million during the quarter, compared to the consensus estimate of $307.44 million. During the same period in the previous year, the company posted $3.39 EPS. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, equities analysts predict that Sphere Entertainment will post -2.54 EPS for the current year.

Institutional Trading of Sphere Entertainment

Several large investors have recently modified their holdings of the stock. Signaturefd LLC increased its position in shares of Sphere Entertainment by 204.9% in the third quarter. Signaturefd LLC now owns 186 shares of the company’s stock worth $25,000 after purchasing an additional 125 shares during the period. Polaris Financial Partners acquired a new position in Sphere Entertainment in the third quarter valued at about $43,000. Parallel Advisors LLC raised its stake in Sphere Entertainment by 275.0% in the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock valued at $55,000 after purchasing an additional 341 shares in the last quarter. Vision Retirement LLC lifted its position in Sphere Entertainment by 38.0% during the first quarter. Vision Retirement LLC now owns 483 shares of the company’s stock worth $57,000 after purchasing an additional 133 shares during the period. Finally, Rockefeller Capital Management L.P. lifted its position in Sphere Entertainment by 19.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock worth $58,000 after purchasing an additional 100 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

About Sphere Entertainment

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences and sports and entertainment programming. Its principal asset is Sphere, a next-generation venue in Las Vegas featuring a large exterior LED display, a high-resolution interior screen, advanced audio technology and immersive production capabilities.

Sphere presents concerts, residencies, films and other experiences, while its Sphere Studios business develops original content and technology for the venue and other immersive applications.