Sphere Entertainment (NYSE:SPHR) Trading Up 10% - Still a Buy?

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s stock price shot up 10% during trading on Monday . The stock traded as high as $41.80 and last traded at $42.39. 275,046 shares were traded during mid-day trading, a decline of 66% from the average session volume of 808,094 shares. The stock had previously closed at $38.54.

Analyst Upgrades and Downgrades

Several research firms recently commented on SPHR. Wall Street Zen lowered Sphere Entertainment from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. JPMorgan Chase & Co. increased their target price on Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a report on Wednesday, May 21st. Guggenheim increased their target price on Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a report on Friday, May 9th. Morgan Stanley dropped their price objective on Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a report on Thursday, April 10th. Finally, Craig Hallum assumed coverage on Sphere Entertainment in a report on Monday. They set a "buy" rating and a $75.00 price objective on the stock. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $48.70.

Sphere Entertainment Stock Performance

The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.24. The firm has a fifty day simple moving average of $34.70 and a 200-day simple moving average of $37.18. The company has a market cap of $1.49 billion, a PE ratio of -4.17 and a beta of 1.65.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($2.48) by $0.21. Sphere Entertainment had a negative return on equity of 16.78% and a negative net margin of 33.00%. The firm had revenue of $280.57 million for the quarter, compared to analyst estimates of $285.01 million. During the same quarter last year, the company posted ($1.33) earnings per share. The business's revenue was down 12.7% on a year-over-year basis. On average, research analysts forecast that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sterling Capital Management LLC grew its holdings in shares of Sphere Entertainment by 826.1% during the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after buying an additional 760 shares during the last quarter. Ancora Advisors LLC acquired a new stake in Sphere Entertainment in the fourth quarter valued at about $40,000. Tower Research Capital LLC TRC lifted 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 valued at $53,000 after purchasing an additional 681 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Sphere Entertainment in the fourth quarter valued at about $93,000. Finally, Headlands Technologies LLC acquired a new stake in Sphere Entertainment in the first quarter valued at about $123,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

About Sphere Entertainment

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.