Sphere Entertainment (NYSE:SPHR) Hits New 52-Week High - Still a Buy?

Key Points

• 52-week high: Shares of Sphere Entertainment reached an intraday 52-week high of $121.93 and last traded around $118 on volume of about 135,900 shares.
• Analyst consensus — Moderate Buy: MarketBeat shows a consensus rating of "Moderate Buy" (8 Buys, 3 Holds, 1 Sell) with an average price target of $101.23, though several firms recently raised targets (e.g., BTIG to $127, JPMorgan to $110).
• Earnings beat but outlook mixed: The company reported quarterly EPS of $1.23 (vs. -$0.12 est.) and revenue of $394.3M (+27.9% YoY), yet analysts still forecast a negative full-year EPS (~-11.47) and the stock has a negative PE ratio.

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $121.93 and last traded at $117.9990, with a volume of 135856 shares trading hands. The stock had previously closed at $117.74.

Wall Street Analyst Weigh In

SPHR has been the subject of a number of research reports. Bank of America boosted their target price on Sphere Entertainment from $48.00 to $95.00 and gave the stock a "neutral" rating in a report on Friday, December 19th. Benchmark raised Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Tuesday, February 17th. JPMorgan Chase & Co. lifted their price target on shares of Sphere Entertainment from $91.00 to $110.00 and gave the stock an "overweight" rating in a research note on Thursday, January 15th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Sphere Entertainment in a research report on Wednesday, January 21st. Finally, BTIG Research raised their target price on shares of Sphere Entertainment from $110.00 to $127.00 and gave the company a "buy" rating in a research report on Friday, February 13th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Sphere Entertainment presently has a consensus rating of "Moderate Buy" and an average price target of $101.23.

Sphere Entertainment Stock Performance

The company has a market cap of $4.19 billion, a PE ratio of -262.22 and a beta of 1.61. The business's 50 day moving average is $102.02 and its two-hundred day moving average is $80.69. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.34.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings data on Thursday, February 12th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of ($0.12) by $1.35. The firm had revenue of $394.28 million during the quarter, compared to the consensus estimate of $377.60 million. Sphere Entertainment had a negative return on equity of 8.84% and a net margin of 2.16%.The firm's quarterly revenue was up 27.9% on a year-over-year basis. During the same period in the previous year, the company posted ($3.49) earnings per share. On average, equities research analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SPHR. Corient Private Wealth LLC acquired a new position in Sphere Entertainment during the 4th quarter worth $984,000. Caitong International Asset Management Co. Ltd boosted its holdings in Sphere Entertainment by 93.9% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 570 shares of the company's stock worth $54,000 after purchasing an additional 276 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Sphere Entertainment in the fourth quarter worth about $399,000. Invesco Ltd. increased its position in shares of Sphere Entertainment by 125.3% during the fourth quarter. Invesco Ltd. now owns 191,494 shares of the company's stock valued at $18,207,000 after purchasing an additional 106,484 shares during the period. Finally, Creek Drive Management Group LLC acquired a new stake in shares of Sphere Entertainment in the 4th quarter valued at $7,559,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Company Profile

Sphere Entertainment Co NYSE: SPHR is a publicly traded company focused on the development and operation of large-scale immersive entertainment venues. Established as a standalone entity in early 2023 following its separation from Madison Square Garden Entertainment, Sphere leverages cutting-edge audiovisual technologies to create next-generation concert, film and cultural experiences. The company’s flagship venue in Las Vegas showcases its core capabilities, while additional projects are in various stages of development around the world.

At the Las Vegas Sphere, Sphere Entertainment has installed one of the largest LED display surfaces on the planet, wrapping audiences in 16K resolution imagery and spatial audio powered by proprietary sound systems.

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