Sphere Entertainment (NYSE:SPHR) Raised to “Overweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Sphere Entertainment (NYSE:SPHR) from a neutral rating to an overweight rating in a research note released on Friday morning, Marketbeat Ratings reports. JPMorgan Chase & Co. currently has $57.00 price objective on the stock, up from their prior price objective of $37.00.

SPHR has been the topic of several other reports. Guggenheim cut their price target on shares of Sphere Entertainment from $48.00 to $43.00 and set a buy rating on the stock in a report on Thursday, June 27th. Morgan Stanley upped their price objective on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an equal weight rating in a report on Thursday, July 11th. Finally, Benchmark started coverage on shares of Sphere Entertainment in a research note on Tuesday, July 23rd. They set a hold rating for the company. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $47.00.

Sphere Entertainment Price Performance

Shares of SPHR stock opened at $49.22 on Friday. The stock’s 50-day moving average is $39.66 and its 200 day moving average is $41.02. Sphere Entertainment has a 1-year low of $27.02 and a 1-year high of $51.83. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.65 and a quick ratio of 0.65. The company has a market cap of $1.74 billion, a P/E ratio of 4.52 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, beating the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a net margin of 43.36% and a return on equity of 8.11%. The business had revenue of $273.40 million during the quarter, compared to analyst estimates of $271.28 million. During the same period in the prior year, the firm posted $15.43 earnings per share. The company’s quarterly revenue was up 111.8% on a year-over-year basis. Research analysts predict that Sphere Entertainment will post -4.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds have recently bought and sold shares of SPHR. Blue Trust Inc. purchased a new stake in shares of Sphere Entertainment in the second quarter valued at approximately $27,000. National Bank of Canada FI purchased a new stake in Sphere Entertainment in the 4th quarter worth $46,000. Summit Securities Group LLC acquired a new position in Sphere Entertainment during the second quarter worth $54,000. Quest Partners LLC purchased a new position in Sphere Entertainment during the fourth quarter valued at $61,000. Finally, 1832 Asset Management L.P. acquired a new stake in shares of Sphere Entertainment in the first quarter valued at about $85,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Company Profile

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.