Sphere Entertainment (NYSE:SPHR) Sets New 12-Month High - Should You Buy?

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.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) shares hit 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 changing hands. The stock had previously closed at $45.99.

Wall Street Analyst Weigh In

SPHR has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a research report 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 report on Tuesday, August 12th. Benchmark reissued a "sell" rating and issued a $35.00 price objective on shares of Sphere Entertainment in a research note on Monday, May 19th. Finally, Craig Hallum began coverage on shares of Sphere Entertainment in a research note on Monday, June 23rd. They set a "buy" rating and a $75.00 price target on the stock. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Sphere Entertainment has an average rating of "Moderate Buy" and an average price target of $49.50.

Sphere Entertainment Stock Up 9.0%

The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36. The company has a market cap of $1.91 billion, a price-to-earnings ratio of -9.96 and a beta of 1.74. The stock has a fifty day moving average price of $43.16 and a two-hundred day moving average price of $37.36.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued 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. The company had revenue of $282.68 million for the quarter, compared to analysts' expectations 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 quarterly revenue was up 3.4% compared to the same quarter last year. During the same period last year, the business earned ($2.00) EPS. As a group, sell-side analysts expect that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. CWM LLC boosted its holdings in 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 purchasing an additional 659 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Sphere Entertainment by 95.3% during the second quarter. GAMMA Investing LLC now owns 744 shares of the company's stock worth $31,000 after acquiring an additional 363 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of 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 buying an additional 681 shares in the last quarter. Tower Research Capital LLC TRC boosted 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 valued at $96,000 after buying an additional 1,030 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Sphere Entertainment during the 4th quarter valued at about $93,000. Institutional investors and hedge funds own 92.03% of the company's stock.

About Sphere Entertainment

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.