Sphere Entertainment Co. (NYSE:SPHR – Get Free Report)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $151.05 and last traded at $151.2760, with a volume of 350749 shares traded. The stock had previously closed at $142.00.
Wall Street Analysts Forecast Growth
SPHR has been the topic of several analyst reports. BTIG Research reissued a “buy” rating and set a $190.00 target price on shares of Sphere Entertainment in a research report on Tuesday, May 19th. Susquehanna increased their target price on shares of Sphere Entertainment from $133.00 to $159.00 and gave the stock a “positive” rating in a research report on Wednesday, May 6th. Bank of America increased their target price on shares of Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. The Goldman Sachs Group upped their price target on shares of Sphere Entertainment from $126.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Finally, Citigroup restated an “outperform” rating on shares of Sphere Entertainment in a report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $145.92.
View Our Latest Stock Analysis on Sphere Entertainment
Sphere Entertainment Price Performance
Sphere Entertainment (NYSE:SPHR – Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.27. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The company had revenue of $386.41 million during the quarter, compared to analysts’ expectations of $313.41 million. During the same period in the prior year, the company earned ($2.27) earnings per share. The business’s quarterly revenue was up 37.7% compared to the same quarter last year. On average, equities analysts forecast that Sphere Entertainment Co. will post -2.44 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Sphere Entertainment
Several hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC lifted its stake in shares of Sphere Entertainment by 275.0% in the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock valued at $55,000 after buying an additional 341 shares during the period. Amundi bought a new stake in shares of Sphere Entertainment in the first quarter valued at about $212,000. California State Teachers Retirement System lifted its stake in shares of Sphere Entertainment by 23.6% in the first quarter. California State Teachers Retirement System now owns 30,255 shares of the company’s stock valued at $3,552,000 after buying an additional 5,785 shares during the period. Quantinno Capital Management LP lifted its stake in shares of Sphere Entertainment by 84.9% in the first quarter. Quantinno Capital Management LP now owns 36,822 shares of the company’s stock valued at $4,323,000 after buying an additional 16,907 shares during the period. Finally, Entropy Technologies LP lifted its stake in shares of Sphere Entertainment by 75.5% in the first quarter. Entropy Technologies LP now owns 11,403 shares of the company’s stock valued at $1,339,000 after buying an additional 4,905 shares during the period. Institutional investors own 92.03% of the company’s stock.
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.
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