Sphere Entertainment (NYSE:SPHR) Trading 10% Higher - Here's Why

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SPHR. Morgan Stanley decreased their target price on Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 10th. Guggenheim lifted their target price on shares of Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Macquarie reduced their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating for the company in a research report on Tuesday, March 11th. The Goldman Sachs Group set a $36.00 price objective on Sphere Entertainment and gave the stock a "buy" rating in a report on Friday, April 18th. Finally, Susquehanna initiated coverage on Sphere Entertainment in a report on Monday, April 28th. They set a "positive" rating and a $37.00 target price for the company. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $48.70.

Sphere Entertainment Stock Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.53 and a current ratio of 0.53. The firm's 50-day moving average price is $33.84 and its two-hundred day moving average price is $37.13. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of -3.96 and a beta of 1.65.

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

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds have recently modified their holdings of the business. Sterling Capital Management LLC raised its holdings in Sphere Entertainment by 826.1% in the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock valued at $34,000 after buying an additional 760 shares during the period. Ancora Advisors LLC purchased a new stake in shares of Sphere Entertainment in the 4th quarter valued at approximately $40,000. Tower Research Capital LLC TRC raised its stake in shares of Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after acquiring an additional 681 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Sphere Entertainment in the 4th quarter worth approximately $93,000. Finally, Headlands Technologies LLC purchased a new position in shares of Sphere Entertainment during the 1st quarter worth approximately $123,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.

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