Sphere Entertainment (NYSE:SPHR) Sets New 52-Week High – What’s Next?

Shares of Sphere Entertainment Co. (NYSE:SPHR) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $122.68 and last traded at $121.1650, with a volume of 179817 shares trading hands. The stock had previously closed at $117.40.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sphere Entertainment in a report on Wednesday, January 21st. Guggenheim raised their price target on Sphere Entertainment from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Thursday. Citizens Jmp began coverage on shares of Sphere Entertainment in a research note on Monday. They set an “outperform” rating and a $150.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on shares of Sphere Entertainment from $91.00 to $110.00 and gave the company an “overweight” rating in a research report on Thursday, January 15th. Finally, New Street Research set a $110.00 target price on shares of Sphere Entertainment in a research note on Thursday, January 15th. Nine research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.46.

Sphere Entertainment Stock Performance

The company has a debt-to-equity ratio of 0.34, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market capitalization of $4.51 billion, a PE ratio of -282.32 and a beta of 1.67. The firm has a fifty day moving average price of $108.25 and a two-hundred day moving average price of $88.22.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Quent Capital LLC purchased a new position in Sphere Entertainment in the 3rd quarter worth about $30,000. ORG Partners LLC boosted its position in Sphere Entertainment by 80.1% in the 3rd quarter. ORG Partners LLC now owns 661 shares of the company’s stock valued at $41,000 after buying an additional 294 shares during the period. Hollencrest Capital Management bought a new position in Sphere Entertainment in the 4th quarter worth about $41,000. Caitong International Asset Management Co. Ltd grew its stake in Sphere Entertainment by 53.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock worth $43,000 after acquiring an additional 156 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Sphere Entertainment during the fourth quarter worth approximately $48,000. 92.03% of the stock is currently owned by institutional investors.

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.