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

Key Points

• Sphere Entertainment hit a new 52-week high, trading as high as $138.80 and last at $135.96 on mid‑day volume of about 163,962 shares.
• The company beat quarterly expectations, reporting $1.23 EPS vs. a consensus of ($0.12) and revenue of $394.3M (up 27.9% YoY), though analysts still project -$2.51 EPS for the fiscal year.
• Analyst sentiment is positive with a consensus "Moderate Buy" and a $120.83 average target; eight analysts rate the stock Buy while several firms (BofA, JPMorgan, Seaport, Citizens Jmp) recently raised ratings or targets.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $138.80 and last traded at $135.9570, with a volume of 163962 shares traded. The stock had previously closed at $133.00.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. New Street Research set a $110.00 price target on Sphere Entertainment in a report on Thursday, January 15th. Citizens Jmp started coverage on Sphere Entertainment in a research note on Monday, March 30th. They issued an "outperform" rating and a $150.00 price objective for the company. Seaport Research Partners raised Sphere Entertainment from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 8th. Bank of America raised their target price on Sphere Entertainment from $110.00 to $132.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Finally, JPMorgan Chase & Co. raised their target price on Sphere Entertainment from $91.00 to $110.00 and gave the stock an "overweight" rating in a research note on Thursday, January 15th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $120.83.

Sphere Entertainment Trading Up 2.5%

The firm has a fifty day simple moving average of $119.38 and a two-hundred day simple moving average of $97.45. The stock has a market cap of $4.84 billion, a PE ratio of -303.59 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.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings results 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. Sphere Entertainment had a negative return on equity of 8.84% and a net margin of 2.16%.The firm had revenue of $394.28 million for the quarter, compared to analysts' expectations of $377.60 million. During the same quarter last year, the firm posted ($3.49) EPS. The company's revenue was up 27.9% compared to the same quarter last year. As a group, equities analysts expect that Sphere Entertainment Co. will post -2.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Large investors have recently modified their holdings of the company. Quent Capital LLC purchased a new position in shares of Sphere Entertainment during the 3rd quarter valued at about $30,000. ORG Partners LLC raised its holdings in shares of Sphere Entertainment by 80.1% during the 3rd quarter. ORG Partners LLC now owns 661 shares of the company's stock valued at $41,000 after buying an additional 294 shares in the last quarter. Hollencrest Capital Management purchased a new position in shares of Sphere Entertainment during the 4th quarter valued at about $41,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Sphere Entertainment by 53.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company's stock valued at $43,000 after buying an additional 156 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Sphere Entertainment during the 4th quarter valued at about $48,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

About Sphere Entertainment

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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