Sphere Entertainment (NYSE:SPHR) Stock Price Up 7.9% - Still a Buy?

Key Points

• Sphere Entertainment stock experienced a 7.9% increase on the day, trading as high as $49.64.
• Multiple research analysts have upgraded their price targets, with Guggenheim raising it to $74.00 and maintaining a "buy" rating.
• In the latest quarterly earnings report, Sphere reported an earnings per share of $3.39, surpassing analysts' expectations significantly.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) shares rose 7.9% on Wednesday . The company traded as high as $48.40 and last traded at $49.64. Approximately 134,246 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 806,288 shares. The stock had previously closed at $45.99.

Analyst Ratings Changes

Several research analysts have weighed in on the company. JPMorgan Chase & Co. increased their price objective on Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 21st. Morgan Stanley increased their price objective on Sphere Entertainment from $35.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 12th. Guggenheim increased their price objective on Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Wall Street Zen upgraded Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Craig Hallum assumed coverage on Sphere Entertainment in a research report on Monday, June 23rd. They set a "buy" rating and a $75.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Sphere Entertainment presently has an average rating of "Moderate Buy" and an average target price of $49.50.

Sphere Entertainment Stock Up 7.6%

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 stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -9.24 and a beta of 1.74. The stock has a 50 day moving average price of $42.72 and a 200 day moving average price of $37.42.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its quarterly earnings data 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 last year, the company earned ($2.00) earnings per share. The firm's revenue was up 3.4% compared to the same quarter last year. As a group, analysts forecast that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds have recently made changes to their positions in SPHR. GAMMA Investing LLC increased its holdings in Sphere Entertainment by 95.3% in the second quarter. GAMMA Investing LLC now owns 744 shares of the company's stock worth $31,000 after purchasing an additional 363 shares in the last quarter. CWM LLC boosted its position in shares of 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 buying an additional 659 shares during the last quarter. Ancora Advisors LLC purchased a new position in shares of Sphere Entertainment during the fourth quarter valued at approximately $40,000. Tower Research Capital LLC TRC boosted its position in Sphere Entertainment by 108.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock worth $53,000 after purchasing an additional 681 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Sphere Entertainment in the fourth quarter worth $93,000. 92.03% of the stock is currently owned by institutional investors.

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.

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