Sphere Entertainment (NYSE:SPHR) Reaches New 12-Month High – Here’s Why

Sphere Entertainment Co. (NYSE:SPHR) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $121.93 and last traded at $117.9990, with a volume of 135856 shares trading hands. The stock had previously closed at $117.74.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SPHR shares. The Goldman Sachs Group restated a “buy” rating and set a $126.00 price objective on shares of Sphere Entertainment in a research report on Friday, February 13th. Guggenheim increased their target price on shares of Sphere Entertainment from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 13th. National Bank Financial set a $136.00 price target on shares of Sphere Entertainment in a research note on Thursday, January 22nd. Craig Hallum reiterated a “buy” rating and set a $100.00 price objective on shares of Sphere Entertainment in a research report on Thursday, December 18th. Finally, Bank of America increased their price objective on shares of Sphere Entertainment from $48.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, December 19th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $106.33.

Sphere Entertainment Stock Performance

The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.34. The company’s 50-day simple moving average is $102.76 and its 200-day simple moving average is $81.43. The stock has a market capitalization of $4.04 billion, a price-to-earnings ratio of -252.88 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Thursday, February 12th. The company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $1.35. The company had revenue of $394.28 million for the quarter, compared to analyst estimates of $377.60 million. Sphere Entertainment had a net margin of 2.16% and a negative return on equity of 8.84%. Sphere Entertainment’s revenue was up 27.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($3.49) earnings per share. On average, analysts expect that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its holdings in Sphere Entertainment by 0.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,263 shares of the company’s stock valued at $3,448,000 after acquiring an additional 145 shares during the last quarter. Arizona State Retirement System raised its holdings in Sphere Entertainment by 2.0% during the 3rd quarter. Arizona State Retirement System now owns 7,758 shares of the company’s stock worth $482,000 after purchasing an additional 152 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of Sphere Entertainment by 53.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after purchasing an additional 156 shares during the last quarter. Putney Financial Group LLC increased its position in shares of Sphere Entertainment by 4.2% during the fourth quarter. Putney Financial Group LLC now owns 4,475 shares of the company’s stock worth $425,000 after buying an additional 180 shares during the period. Finally, ORG Partners LLC raised its stake in Sphere Entertainment by 35.4% during the fourth quarter. ORG Partners LLC now owns 895 shares of the company’s stock worth $85,000 after buying an additional 234 shares during the last quarter. 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.