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

Key Points

• Sphere Entertainment Co. shares reached a new 52-week high of $49.98 with a last traded price of $48.23, indicating strong market interest and a significant change in stock performance.
• Analysts show varied outlooks, with a consensus rating of "Moderate Buy" and target prices ranging significantly, including upgrades from Morgan Stanley and JPMorgan Chase & Co.
• The company reported earnings of $3.39 per share for the last quarter, surpassing expectations, alongside revenue increase year-over-year, signaling potential growth despite a negative return on equity.

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $49.98 and last traded at $48.23, with a volume of 2615390 shares. The stock had previously closed at $45.99.

Wall Street Analyst Weigh In

Several research firms have commented on SPHR. Benchmark reissued a "sell" rating and set a $35.00 target price on shares of Sphere Entertainment in a research note on Monday, May 19th. JPMorgan Chase & Co. raised their target price on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research note on Wednesday, May 21st. 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. Finally, Craig Hallum began coverage on shares of Sphere Entertainment in a research note on Monday, June 23rd. They issued a "buy" rating and a $75.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Sphere Entertainment currently has an average rating of "Moderate Buy" and an average price target of $49.50.

Sphere Entertainment Trading Down 4.4%

The business has a 50 day moving average of $43.41 and a 200-day moving average of $37.42. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $1.86 billion, a P/E ratio of -9.79 and a beta of 1.74.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its 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. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The business had revenue of $282.68 million during the quarter, compared to analysts' expectations of $280.23 million. During the same period in the prior year, the business earned ($2.00) EPS. Sphere Entertainment's revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Several hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC boosted its holdings in shares of Sphere Entertainment by 95.3% in the 2nd quarter. GAMMA Investing LLC now owns 744 shares of the company's stock valued at $31,000 after buying an additional 363 shares during the last quarter. CWM LLC lifted its holdings in Sphere Entertainment by 915.3% during the 2nd quarter. CWM LLC now owns 731 shares of the company's stock valued at $31,000 after purchasing an additional 659 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after purchasing an additional 681 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Sphere Entertainment during the 4th quarter worth $93,000. Finally, Tower Research Capital LLC TRC increased its position in Sphere Entertainment by 81.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,294 shares of the company's stock worth $96,000 after buying an additional 1,030 shares during the period. 92.03% of the stock is owned by institutional investors.

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.