Sphere Entertainment (NYSE:SPHR) Hits New 52-Week High - Here's What Happened

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."

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

Analyst Ratings Changes

SPHR has been the topic of several recent research reports. Wall Street Zen raised shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Morgan Stanley raised their target price on shares of Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 12th. Benchmark reaffirmed a "sell" rating and issued a $35.00 target price on shares of Sphere Entertainment in a research note on Monday, May 19th. Craig Hallum initiated coverage on shares of Sphere Entertainment in a research note on Monday, June 23rd. They issued a "buy" rating and a $75.00 target price on the stock. Finally, Guggenheim raised their target price on shares of Sphere Entertainment from $75.00 to $76.00 and gave the company a "buy" rating in a research note on Wednesday. Six investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $49.70.

Sphere Entertainment Stock Up 5.1%

The firm's 50 day moving average is $43.86 and its two-hundred day moving average is $37.64. The firm has a market cap of $2.05 billion, a P/E ratio of -10.79 and a beta of 1.74. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported $3.39 earnings per share for the quarter, topping the consensus estimate of ($1.57) by $4.96. Sphere Entertainment had a negative net margin of 14.68% and a negative return on equity of 19.27%. The business had revenue of $282.68 million for the quarter, compared to analyst estimates of $280.23 million. During the same quarter last year, the firm earned ($2.00) EPS. Sphere Entertainment's quarterly revenue was up 3.4% compared to the same quarter last year. As a group, research analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its stake in Sphere Entertainment by 95.3% in the second quarter. GAMMA Investing LLC now owns 744 shares of the company's stock valued at $31,000 after buying an additional 363 shares in the last quarter. CWM LLC lifted its stake in Sphere Entertainment by 915.3% in the second quarter. CWM LLC now owns 731 shares of the company's stock valued at $31,000 after buying an additional 659 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in Sphere Entertainment in the fourth quarter valued at approximately $93,000. Tower Research Capital LLC TRC lifted its stake in Sphere Entertainment by 81.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,294 shares of the company's stock valued at $96,000 after buying an additional 1,030 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in Sphere Entertainment in the first quarter valued at approximately $123,000. 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.

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