Sphere Entertainment (NYSE:SPHR) Sets New 52-Week High After Analyst Upgrade

Sphere Entertainment Co. (NYSE:SPHR)’s share price reached a new 52-week high during mid-day trading on Wednesday after Benchmark upgraded the stock from a sell rating to a hold rating. The stock traded as high as $118.13 and last traded at $114.69, with a volume of 653591 shares trading hands. The stock had previously closed at $115.70.

A number of other research firms also recently weighed in on SPHR. Craig Hallum restated a “buy” rating and issued a $100.00 target price on shares of Sphere Entertainment in a research report on Thursday, December 18th. The Goldman Sachs Group restated a “buy” rating and issued a $126.00 price objective on shares of Sphere Entertainment in a report on Friday. BTIG Research lifted their target price on Sphere Entertainment from $110.00 to $127.00 and gave the stock a “buy” rating in a report on Friday. New Street Research set a $110.00 price target on shares of Sphere Entertainment in a research report on Thursday, January 15th. Finally, Guggenheim raised their price objective on shares of Sphere Entertainment from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Sphere Entertainment has a consensus rating of “Moderate Buy” and a consensus target price of $101.23.

Institutional Trading of Sphere Entertainment

A number of hedge funds have recently bought and sold shares of the company. Royal Bank of Canada increased its position in shares of Sphere Entertainment by 5.5% in the first quarter. Royal Bank of Canada now owns 150,614 shares of the company’s stock worth $4,928,000 after acquiring an additional 7,891 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Sphere Entertainment by 5.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,270 shares of the company’s stock worth $532,000 after purchasing an additional 831 shares during the period. Goldman Sachs Group Inc. grew its position in Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after purchasing an additional 357,794 shares in the last quarter. CWM LLC raised its stake in Sphere Entertainment by 915.3% during the 2nd quarter. CWM LLC now owns 731 shares of the company’s stock valued at $31,000 after purchasing an additional 659 shares during the period. Finally, D.A. Davidson & CO. acquired a new stake in Sphere Entertainment during the 2nd quarter valued at $209,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Price Performance

The company has a market cap of $4.05 billion, a PE ratio of -254.87 and a beta of 1.68. The stock has a fifty day moving average price of $95.49 and a 200-day moving average price of $73.39. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.09 and a quick ratio of 1.09.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings results on Thursday, February 12th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of ($0.12) by $1.35. The firm had revenue of $394.28 million for the quarter, compared to analyst estimates of $377.60 million. Sphere Entertainment had a negative return on equity of 8.84% and a net margin of 2.16%.Sphere Entertainment’s quarterly revenue was up 27.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($3.49) earnings per share. On average, equities analysts expect that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Sphere Entertainment Company Profile

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.