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

Key Points

• Sphere Entertainment Co. (NYSE:SPHR) achieved a new 52-week high of $56.66, up from a previous close of $54.63, indicating a strong performance in mid-day trading.
• The company's quarterly earnings surpassed estimates with earnings per share of $3.39, significantly beating the consensus estimate of -$1.57.
• Following various analysts' reports, the stock has received ratings from buy to sell, with an average target price of $49.70 and a current rating of "Moderate Buy."

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $55.65 and last traded at $56.66, with a volume of 70850 shares traded. The stock had previously closed at $54.63.

Analysts Set New Price Targets

Several brokerages recently weighed in on SPHR. JPMorgan Chase & Co. boosted their target price on Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 21st. Morgan Stanley boosted their target price on Sphere Entertainment from $35.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 12th. Benchmark restated a "sell" rating and set a $35.00 target price on shares of Sphere Entertainment in a research note on Monday, May 19th. Craig Hallum began coverage on Sphere Entertainment in a research note on Monday, June 23rd. They set a "buy" rating and a $75.00 target price on the stock. Finally, Wall Street Zen upgraded Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Sphere Entertainment has an average rating of "Moderate Buy" and a consensus target price of $49.70.

Sphere Entertainment Stock Down 1.3%

The company has a market cap of $2.13 billion, a PE ratio of -11.18 and a beta of 1.74. The business has a 50-day simple moving average of $44.78 and a 200-day simple moving average of $37.88. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported $3.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.57) by $4.96. The company had revenue of $282.68 million for the quarter, compared to the consensus estimate of $280.23 million. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.Sphere Entertainment's revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the business posted ($2.00) earnings per share. Equities research analysts anticipate 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 bought and sold shares of the business. First Trust Advisors LP boosted its position in Sphere Entertainment by 1.6% during the second quarter. First Trust Advisors LP now owns 20,610 shares of the company's stock worth $861,000 after purchasing an additional 315 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Sphere Entertainment by 95.3% during the second quarter. GAMMA Investing LLC now owns 744 shares of the company's stock valued at $31,000 after acquiring an additional 363 shares during the last quarter. CWM LLC raised its holdings in shares of Sphere Entertainment by 915.3% during the second quarter. CWM LLC now owns 731 shares of the company's stock valued at $31,000 after acquiring an additional 659 shares during the last quarter. Police & Firemen s Retirement System of New Jersey raised its holdings in shares of Sphere Entertainment by 12.4% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 6,475 shares of the company's stock valued at $271,000 after acquiring an additional 712 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings in shares of Sphere Entertainment by 0.4% during the second quarter. Empowered Funds LLC now owns 184,324 shares of the company's stock valued at $7,705,000 after acquiring an additional 809 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

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.