Sphere Entertainment (NYSE:SPHR) Reaches New 12-Month High After Analyst Upgrade

Key Points

• Sphere Entertainment's stock price hit a new 52-week high of $61.87 after Goldman Sachs upgraded its price target from $50.00 to $68.00, maintaining a buy rating.
• Analysts have varying ratings on the stock, with six giving a buy rating, two a hold, and one a sell, while the consensus target price is currently $54.00.
• In its latest earnings report, Sphere Entertainment reported $3.39 earnings per share, exceeding analysts' expectations of ($1.57) and showing a 3.4% year-over-year revenue increase.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday after The Goldman Sachs Group raised their price target on the stock from $50.00 to $68.00. The Goldman Sachs Group currently has a buy rating on the stock. Sphere Entertainment traded as high as $61.87 and last traded at $61.24, with a volume of 804016 shares. The stock had previously closed at $59.43.

A number of other equities research analysts have also issued reports on SPHR. Morgan Stanley raised their price target on Sphere Entertainment from $35.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 12th. Wall Street Zen raised Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. JPMorgan Chase & Co. lifted their target price on Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Wednesday, May 21st. Guggenheim lifted their target price on Sphere Entertainment from $75.00 to $76.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. Finally, Craig Hallum began coverage on Sphere Entertainment in a research report on Monday, June 23rd. They set a "buy" rating and a $75.00 target price for the company. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.00.

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its holdings in Sphere Entertainment by 95.3% in the second quarter. GAMMA Investing LLC now owns 744 shares of the company's stock valued at $31,000 after purchasing an additional 363 shares during the period. 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 worth $31,000 after buying an additional 659 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Sphere Entertainment during the 4th quarter worth about $93,000. Tower Research Capital LLC TRC lifted its holdings 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 last quarter. Finally, Headlands Technologies LLC purchased a new stake in Sphere Entertainment during the 1st quarter worth about $123,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment Price Performance

The company has a market capitalization of $2.14 billion, a PE ratio of -11.22 and a beta of 1.74. 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 stock has a fifty day simple moving average of $46.18 and a 200-day simple moving average of $38.50.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly 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 company had revenue of $282.68 million during the quarter, compared to the consensus estimate of $280.23 million. During the same period in the previous year, the business earned ($2.00) EPS. Sphere Entertainment's revenue for the quarter was up 3.4% on a year-over-year basis. Equities analysts anticipate that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

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.