Sphere Entertainment (NYSE:SPHR) Hits New 1-Year High – Time to Buy?

Sphere Entertainment Co. (NYSE:SPHR) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $68.15 and last traded at $65.38, with a volume of 1503583 shares trading hands. The stock had previously closed at $63.09.

Analyst Ratings Changes

SPHR has been the subject of several analyst reports. Guggenheim upped their price target on shares of Sphere Entertainment from $76.00 to $78.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. BTIG Research initiated coverage on shares of Sphere Entertainment in a research report on Monday, October 6th. They set a “neutral” rating for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Sphere Entertainment in a research report on Wednesday, October 8th. Morgan Stanley upped their price target on shares of Sphere Entertainment from $35.00 to $40.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 12th. Finally, The Goldman Sachs Group upped their price target on shares of Sphere Entertainment from $50.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 17th. Five research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $55.13.

Sphere Entertainment Trading Up 3.6%

The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36. The stock’s fifty day moving average price is $54.03 and its two-hundred day moving average price is $42.84. The company has a market capitalization of $2.34 billion, a PE ratio of -12.29 and a beta of 1.79.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Monday, August 11th. The company reported $3.39 earnings per share for the quarter, topping analysts’ consensus estimates of ($1.57) by $4.96. The company had revenue of $282.68 million during the quarter, compared to analyst estimates of $280.23 million. Sphere Entertainment had a negative net margin of 14.68% and a negative return on equity of 19.27%. Sphere Entertainment’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the business posted ($2.00) earnings per share. Sell-side analysts anticipate that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Institutional Trading of Sphere Entertainment

A number of institutional investors have recently modified their holdings of the company. First Trust Advisors LP boosted its holdings in Sphere Entertainment by 1.6% in the 2nd quarter. First Trust Advisors LP now owns 20,610 shares of the company’s stock worth $861,000 after buying an additional 315 shares during the period. GAMMA Investing LLC boosted its holdings in Sphere Entertainment by 95.3% in the 2nd quarter. GAMMA Investing LLC now owns 744 shares of the company’s stock worth $31,000 after buying an additional 363 shares during the period. CWM LLC boosted its holdings in Sphere Entertainment by 915.3% in the 2nd quarter. CWM LLC now owns 731 shares of the company’s stock worth $31,000 after buying an additional 659 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its holdings in Sphere Entertainment by 12.4% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 6,475 shares of the company’s stock worth $271,000 after buying an additional 712 shares during the period. Finally, Empowered Funds LLC boosted its holdings in Sphere Entertainment by 0.4% in the 2nd quarter. Empowered Funds LLC now owns 184,324 shares of the company’s stock worth $7,705,000 after buying an additional 809 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Company Profile

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.