Shares of Sphere Entertainment Co. (NYSE:SPHR – Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $133.59 and last traded at $133.49, with a volume of 380562 shares traded. The stock had previously closed at $128.87.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on the company. Seaport Research Partners upgraded Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. The Goldman Sachs Group boosted their price objective on Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, April 8th. Craig Hallum reissued a “buy” rating and issued a $100.00 price objective on shares of Sphere Entertainment in a research note on Thursday, December 18th. Benchmark raised Sphere Entertainment from a “sell” rating to a “hold” rating in a research note on Tuesday, February 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sphere Entertainment in a research note on Wednesday, January 21st. Nine analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $114.38.
Read Our Latest Research Report on SPHR
Sphere Entertainment Stock Up 3.6%
Sphere Entertainment (NYSE:SPHR – Get Free Report) last posted its quarterly earnings data on Thursday, February 12th. The company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates 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 previous year, the business earned ($3.49) EPS. The company’s quarterly revenue was up 27.9% compared to the same quarter last year. Research analysts expect that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Sphere Entertainment
Institutional investors and hedge funds have recently modified their holdings of the stock. Hollencrest Capital Management acquired a new stake in shares of Sphere Entertainment during the fourth quarter worth $41,000. Caitong International Asset Management Co. Ltd raised its position in shares of Sphere Entertainment by 53.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock worth $43,000 after purchasing an additional 156 shares during the period. Quent Capital LLC acquired a new stake in shares of Sphere Entertainment during the third quarter worth $30,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Sphere Entertainment during the fourth quarter worth $48,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of Sphere Entertainment during the fourth quarter worth $52,000. 92.03% of the stock is owned by institutional investors and hedge funds.
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.
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