Sphere Entertainment (NYSE:SPHR) Reaches New 1-Year High – Should You Buy?

Sphere Entertainment Co. (NYSE:SPHR) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $122.68 and last traded at $121.1650, with a volume of 179817 shares changing hands. The stock had previously closed at $117.40.

Analyst Upgrades and Downgrades

SPHR has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sphere Entertainment in a research report on Wednesday, January 21st. National Bank Financial set a $136.00 target price on shares of Sphere Entertainment in a research note on Thursday, January 22nd. Wolfe Research restated an “outperform” rating and issued a $105.00 price target on shares of Sphere Entertainment in a report on Monday, December 15th. New Street Research set a $110.00 price target on shares of Sphere Entertainment in a research note on Thursday, January 15th. Finally, BTIG Research lifted their price objective on shares of Sphere Entertainment from $110.00 to $127.00 and gave the company a “buy” rating in a report on Friday, February 13th. Nine equities research 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. Based on data from MarketBeat.com, Sphere Entertainment has an average rating of “Moderate Buy” and a consensus target price of $109.69.

Sphere Entertainment Price Performance

The firm has a fifty day simple moving average of $107.15 and a 200 day simple moving average of $87.72. The company has a market capitalization of $4.37 billion, a PE ratio of -272.92 and a beta of 1.61. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.09 and a current ratio of 1.09.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Thursday, February 12th. The company reported $1.23 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $394.28 million during the quarter, compared to analysts’ expectations of $377.60 million. During the same period in the prior year, the business earned ($3.49) EPS. The business’s revenue for the quarter was up 27.9% compared to the same quarter last year. Equities analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Institutional Trading of Sphere Entertainment

A number of hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new position in shares of Sphere Entertainment during the third quarter valued at approximately $2,937,000. Ariel Investments LLC increased its holdings in Sphere Entertainment by 12.7% during the second quarter. Ariel Investments LLC now owns 7,100,237 shares of the company’s stock valued at $296,790,000 after buying an additional 802,098 shares during the period. Systematic Financial Management LP raised its stake in Sphere Entertainment by 8.4% in the second quarter. Systematic Financial Management LP now owns 351,290 shares of the company’s stock worth $14,684,000 after buying an additional 27,233 shares in the last quarter. Legato Capital Management LLC purchased a new stake in Sphere Entertainment during the third quarter worth $661,000. Finally, Citigroup Inc. lifted its holdings in Sphere Entertainment by 94.0% during the third quarter. Citigroup Inc. now owns 50,592 shares of the company’s stock worth $3,143,000 after buying an additional 24,520 shares during the period. 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.