Sphere Entertainment (NYSE:SPHR) Given New $160.00 Price Target at Guggenheim

Sphere Entertainment (NYSE:SPHR) had its price objective raised by research analysts at Guggenheim from $150.00 to $160.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price target points to a potential upside of 33.10% from the company’s current price.

A number of other equities analysts have also issued reports on the stock. Seaport Research Partners upgraded shares of Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. Bank of America boosted their price target on shares of Sphere Entertainment from $48.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, December 19th. Morgan Stanley reiterated an “overweight” rating and issued a $135.00 price objective on shares of Sphere Entertainment in a report on Friday, February 13th. BTIG Research raised their price objective on shares of Sphere Entertainment from $110.00 to $127.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Finally, National Bank Financial set a $136.00 price objective on shares of Sphere Entertainment in a research note on Thursday, January 22nd. Nine equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $110.46.

Sphere Entertainment Stock Performance

Sphere Entertainment stock traded up $0.40 during mid-day trading on Thursday, hitting $120.21. 88,205 shares of the company’s stock traded hands, compared to its average volume of 856,733. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.34. Sphere Entertainment has a one year low of $23.89 and a one year high of $123.61. The firm has a 50 day moving average price of $107.68 and a 200 day moving average price of $87.95. The company has a market cap of $4.27 billion, a PE ratio of -267.13 and a beta of 1.67.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Thursday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $1.35. The company had revenue of $394.28 million during the quarter, compared to analysts’ expectations of $377.60 million. Sphere Entertainment had a negative return on equity of 8.84% and a net margin of 2.16%.The company’s revenue for the quarter was up 27.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($3.49) earnings per share. On average, equities analysts forecast that Sphere Entertainment will post -11.47 EPS for the current year.

Institutional Trading of Sphere Entertainment

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPHR. SG Americas Securities LLC acquired a new position in Sphere Entertainment in the third quarter worth approximately $2,937,000. Legato Capital Management LLC acquired a new stake in shares of Sphere Entertainment during the 3rd quarter valued at $661,000. Ariel Investments LLC boosted its stake in shares of Sphere Entertainment by 12.7% during the 2nd quarter. Ariel Investments LLC now owns 7,100,237 shares of the company’s stock worth $296,790,000 after acquiring an additional 802,098 shares in the last quarter. Citigroup Inc. boosted its stake in shares of Sphere Entertainment by 94.0% during the 3rd quarter. Citigroup Inc. now owns 50,592 shares of the company’s stock worth $3,143,000 after acquiring an additional 24,520 shares in the last quarter. Finally, New York State Common Retirement Fund grew its holdings in shares of Sphere Entertainment by 146.1% in the 3rd quarter. New York State Common Retirement Fund now owns 20,784 shares of the company’s stock worth $1,291,000 after acquiring an additional 12,338 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

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.