Sphere Entertainment (NYSE:SPHR) Stock Gets Price Target Reduction from JPMorgan Chase & Co.

Sphere Entertainment (NYSE:SPHR) had its target price dropped by equities researchers at JPMorgan Chase & Co. from $164.00 to $160.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 33.25% from the company’s current price.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company set a $200.00 price target on shares of Sphere Entertainment in a report on Tuesday, October 6th. Susquehanna reissued a “positive” rating and issued a $156.00 price objective on shares of Sphere Entertainment in a research report on Friday. 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 note on Friday, October 23rd. New Street Research set a $188.00 target price on shares of Sphere Entertainment in a report on Tuesday, July 14th. Finally, Weiss Ratings cut shares of Sphere Entertainment from a “hold (c)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. Eleven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $156.60.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR opened at $120.08 on Friday. The business has a 50-day moving average of $124.43 and a two-hundred day moving average of $130.43. The firm has a market capitalization of $4.31 billion, a PE ratio of -25.44 and a beta of 1.72. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.17 and a quick ratio of 1.17. Sphere Entertainment has a 12 month low of $72.08 and a 12 month high of $181.63.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Thursday, November 5th. The company reported ($4.84) earnings per share for the quarter, missing the consensus estimate of ($1.66) by ($3.18). Sphere Entertainment had a negative net margin of 11.60% and a negative return on equity of 0.78%. The firm had revenue of $274.26 million during the quarter, compared to analyst estimates of $269.71 million. During the same period in the prior year, the firm earned ($2.80) earnings per share. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, research analysts forecast that Sphere Entertainment will post -2.70 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SPHR. Assenagon Asset Management S.A. boosted its stake in shares of Sphere Entertainment by 114.2% in the third quarter. Assenagon Asset Management S.A. now owns 871,484 shares of the company’s stock valued at $117,162,000 after purchasing an additional 464,609 shares during the period. Renaissance Technologies LLC increased its stake in Sphere Entertainment by 149.9% during 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 period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Sphere Entertainment by 24.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 523,934 shares of the company’s stock worth $61,510,000 after buying an additional 104,192 shares during the period. Artemis Investment Management LLP lifted its holdings in Sphere Entertainment by 118.9% in the 3rd quarter. Artemis Investment Management LLP now owns 447,982 shares of the company’s stock worth $60,227,000 after buying an additional 243,376 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Sphere Entertainment by 75.4% in the 1st quarter. Bank of New York Mellon Corp now owns 146,782 shares of the company’s stock worth $17,232,000 after buying an additional 63,080 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

About Sphere Entertainment

Sphere Entertainment Co is a live entertainment and media company whose businesses include Sphere and MSG Networks. Sphere is a large-scale venue in Las Vegas designed for concerts, films and other events, featuring immersive visuals and sound. The company also operates Sphere Studios, which develops content and technology for the venue and other applications.

MSG Networks operates regional sports and entertainment networks serving viewers in the New York metropolitan area. Its programming includes live coverage of professional sports, as well as news and other original content, with related streaming services also available to consumers.

Sphere Entertainment was formed in 2023 through the separation of businesses from Madison Square Garden Entertainment Corp.