JPMorgan Chase & Co. Cuts Sphere Entertainment (NYSE:SPHR) Price Target to $54.00

Sphere Entertainment (NYSE:SPHR) had its target price lowered by JPMorgan Chase & Co. from $57.00 to $54.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities research analysts have also commented on the stock. Morgan Stanley decreased their target price on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, November 11th. Macquarie lowered their target price on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 13th. Finally, Guggenheim dropped their target price on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $47.38.

Sphere Entertainment Stock Performance

NYSE SPHR opened at $37.48 on Tuesday. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of -3.57 and a beta of 1.39. The business’s 50 day moving average is $43.50 and its two-hundred day moving average is $42.99. Sphere Entertainment has a 12-month low of $32.10 and a 12-month high of $51.83. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Ariel Investments LLC increased its position in Sphere Entertainment by 7.4% during the fourth quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock worth $231,606,000 after buying an additional 394,050 shares in the last quarter. Vanguard Group Inc. increased its position in Sphere Entertainment by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company’s stock worth $112,689,000 after purchasing an additional 29,402 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Sphere Entertainment by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company’s stock valued at $59,084,000 after purchasing an additional 9,837 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Sphere Entertainment by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 938,463 shares of the company’s stock valued at $39,921,000 after purchasing an additional 24,772 shares in the last quarter. Finally, Steadfast Capital Management LP raised its position in shares of Sphere Entertainment by 183.8% in the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock valued at $37,340,000 after buying an additional 599,800 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

About Sphere Entertainment

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.