Sphere Entertainment (NYSE:SPHR) Reaches New 1-Year High - Here's What Happened

Key Points

• New 52-week high: Sphere Entertainment reached a new 52-week high of $133.59 (last trade $133.49) on Tuesday, up about 3.6% from the prior close of $128.87 with ~380,562 shares traded.
• Analyst view: The stock carries a consensus rating of "Moderate Buy" with an average price target of $114.38, though major firms diverge — Goldman Sachs raised its target to $140 and Morgan Stanley set $135.
• Quarterly results: Sphere reported EPS of $1.23 (vs. -$0.12 expected) and revenue of $394.3M (up 27.9% YoY), yet the company still has a negative trailing P/E and sell-side forecasts a -11.47 EPS for the fiscal year.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $133.59 and last traded at $133.49, with a volume of 380562 shares changing hands. The stock had previously closed at $128.87.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wolfe Research reiterated an "outperform" rating and issued a $105.00 price target on shares of Sphere Entertainment in a report on Monday, December 15th. Benchmark upgraded Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Tuesday, February 17th. Weiss Ratings restated a "sell (d-)" rating on shares of Sphere Entertainment in a research report on Wednesday, January 21st. The Goldman Sachs Group boosted their price objective on Sphere Entertainment from $126.00 to $140.00 and gave the company a "buy" rating in a research report on Wednesday, April 8th. Finally, Morgan Stanley restated an "overweight" rating and set a $135.00 price objective on shares of Sphere Entertainment in a research report on Friday, February 13th. Nine research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Sphere Entertainment currently has an average rating of "Moderate Buy" and a consensus price target of $114.38.

Sphere Entertainment Stock Up 3.6%

The firm has a market cap of $4.74 billion, a price-to-earnings ratio of -296.64 and a beta of 1.67. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.34. The stock has a 50-day moving average of $112.76 and a 200-day moving average of $92.00.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $1.35. Sphere Entertainment had a negative return on equity of 8.84% and a net margin of 2.16%.The business had revenue of $394.28 million during the quarter, compared to analyst estimates of $377.60 million. During the same quarter in the previous year, the firm posted ($3.49) EPS. The business's revenue for the quarter was up 27.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in Sphere Entertainment during the 3rd quarter worth $2,937,000. Legato Capital Management LLC acquired a new position in Sphere Entertainment during the 3rd quarter worth $661,000. Kelleher Financial Advisors acquired a new position in Sphere Entertainment during the 4th quarter worth $389,000. Citigroup Inc. boosted its position in Sphere Entertainment by 94.0% during the 3rd quarter. Citigroup Inc. now owns 50,592 shares of the company's stock worth $3,143,000 after acquiring an additional 24,520 shares during the period. Finally, New York State Common Retirement Fund boosted its position in Sphere Entertainment by 146.1% during the 3rd quarter. New York State Common Retirement Fund now owns 20,784 shares of the company's stock worth $1,291,000 after acquiring an additional 12,338 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

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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