Sphere Entertainment (NYSE:SPHR) Shares Climb 9.4% - Here's Why

Key Points

• Sphere Entertainment shares jumped 9.4% to about $112.58 in Tuesday trading, with 557,714 shares changing hands.
• Analyst sentiment remains generally positive: 11 analysts rate the stock a Buy, while the consensus rating is Moderate Buy with a $166.53 price target, despite some recent target cuts and a downgrade to Hold.
• The company beat quarterly expectations, reporting an adjusted loss of $1.07 per share versus the $1.51 expected and revenue of $313.64 million, up 10.9% year over year; institutional investors own 92.03% of its shares.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) shares traded up 9.4% during trading on Tuesday. The stock traded as high as $111.37 and last traded at $112.5820. 557,714 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 777,229 shares. The stock had previously closed at $102.89.

Analyst Ratings Changes

Several analysts have issued reports on the company. Piper Sandler assumed coverage on Sphere Entertainment in a research note on Thursday, August 20th. They issued an "overweight" rating and a $185.00 price target on the stock. Citigroup reaffirmed a "market outperform" rating on shares of Sphere Entertainment in a research report on Tuesday, October 6th. BTIG Research decreased their price objective on Sphere Entertainment from $190.00 to $160.00 and set a "buy" rating for the company in a report on Tuesday, October 6th. Craig Hallum lowered Sphere Entertainment from a "buy" rating to a "hold" rating and set a $132.00 target price on the stock. in a research report on Monday, October 5th. Finally, Seaport Research Partners set a $160.00 target price on Sphere Entertainment in a research note on Wednesday, October 7th. Eleven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $166.53.

Sphere Entertainment Price Performance

The firm has a market cap of $4.04 billion, a price-to-earnings ratio of -42.04 and a beta of 1.61. The company's fifty day moving average is $138.41 and its 200 day moving average is $140.89. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The firm had revenue of $313.64 million for the quarter, compared to analyst estimates of $307.44 million. During the same period in the previous year, the business earned $3.39 EPS. The company's revenue was up 10.9% compared to the same quarter last year. On average, equities research analysts predict that Sphere Entertainment Co. will post -2.54 EPS for the current year.

Institutional Trading of Sphere Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of SPHR. Kercheville Advisors LLC bought a new stake in Sphere Entertainment during the third quarter worth $336,000. Assenagon Asset Management S.A. grew its position in shares of Sphere Entertainment by 114.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 871,484 shares of the company's stock valued at $117,162,000 after acquiring an additional 464,609 shares during the period. GAMMA Investing LLC increased its stake in shares of Sphere Entertainment by 18.4% during the 3rd quarter. GAMMA Investing LLC now owns 1,138 shares of the company's stock worth $153,000 after purchasing an additional 177 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Sphere Entertainment by 13.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,607 shares of the company's stock worth $350,000 after purchasing an additional 308 shares during the last quarter. Finally, Artemis Investment Management LLP raised its holdings in shares of Sphere Entertainment by 118.9% in the 3rd quarter. Artemis Investment Management LLP now owns 447,982 shares of the company's stock valued at $60,227,000 after purchasing an additional 243,376 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment Company Profile

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences and sports and entertainment programming. Its principal asset is Sphere, a next-generation venue in Las Vegas featuring a large exterior LED display, a high-resolution interior screen, advanced audio technology and immersive production capabilities.

Sphere presents concerts, residencies, films and other experiences, while its Sphere Studios business develops original content and technology for the venue and other immersive applications.

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