Sphere Entertainment (NYSE:SPHR) Hits New 12-Month High – Still a Buy?

Sphere Entertainment Co. (NYSE:SPHR) shares hit a new 52-week high on Wednesday . The stock traded as high as $158.85 and last traded at $154.8780, with a volume of 967276 shares traded. The stock had previously closed at $154.38.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SPHR. JPMorgan Chase & Co. boosted their price objective on Sphere Entertainment from $143.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Benchmark upgraded Sphere Entertainment from a “hold” rating to a “buy” rating and set a $155.00 price target for the company in a research report on Wednesday, May 6th. Citigroup reissued an “outperform” rating on shares of Sphere Entertainment in a report on Wednesday, May 6th. Citizens Jmp upped their price objective on Sphere Entertainment from $150.00 to $175.00 and gave the stock a “market outperform” rating in a research report on Wednesday, May 6th. Finally, Guggenheim lifted their target price on shares of Sphere Entertainment from $160.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Sphere Entertainment has an average rating of “Moderate Buy” and a consensus target price of $145.92.

Sphere Entertainment Stock Performance

The company has a market capitalization of $5.50 billion, a price-to-earnings ratio of 87.01 and a beta of 1.65. The firm has a fifty day simple moving average of $135.79 and a 200 day simple moving average of $113.17. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22.

Sphere Entertainment (NYSE:SPHR) last announced its earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.27. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.The business had revenue of $386.41 million during the quarter, compared to the consensus estimate of $313.41 million. During the same period in the prior year, the company posted ($2.27) EPS. The business’s quarterly revenue was up 37.7% on a year-over-year basis. On average, analysts anticipate that Sphere Entertainment Co. will post -2.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Sphere Entertainment during the fourth quarter worth $39,909,000. Goldman Sachs Group Inc. increased its stake in shares of Sphere Entertainment by 132.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after acquiring an additional 357,794 shares during the last quarter. Mane Global Capital Management LP acquired a new stake in shares of Sphere Entertainment in the 3rd quarter worth $22,143,000. Renaissance Technologies LLC raised its holdings in shares of Sphere Entertainment by 149.9% during the 1st quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock worth $65,736,000 after acquiring an additional 335,900 shares during the period. Finally, Woodline Partners LP purchased a new position in shares of Sphere Entertainment during the 3rd quarter worth $20,503,000. 92.03% of the stock is owned by hedge funds and other 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.