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Sphere Entertainment (NYSE:SPHR) Trading Up 6.3% - Still a Buy?

Sphere Entertainment logo with Consumer Discretionary background

Key Points

  • Sphere Entertainment's stock rose by 6.3% to $67.06 amid lower trading volume compared to average levels.
  • Research analysts have mixed opinions on Sphere Entertainment, with target price increases from JPMorgan and Guggenheim, while Weiss Ratings issued a "sell" recommendation.
  • In its last earnings report, Sphere Entertainment exceeded expectations with an EPS of $3.39 and reported revenues of $282.68 million, marking a year-over-year revenue increase of 3.4%.
  • MarketBeat previews the top five stocks to own by November 1st.

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) was up 6.3% during trading on Tuesday . The company traded as high as $66.77 and last traded at $67.06. Approximately 290,121 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 892,430 shares. The stock had previously closed at $63.09.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SPHR shares. Weiss Ratings restated a "sell (d-)" rating on shares of Sphere Entertainment in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on Sphere Entertainment from $60.00 to $68.00 and gave the company an "overweight" rating in a research note on Wednesday, October 8th. Morgan Stanley upped their target price on Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 12th. Guggenheim upped their price target on Sphere Entertainment from $76.00 to $78.00 and gave the company a "buy" rating in a research report on Thursday, October 16th. Finally, Craig Hallum started coverage on Sphere Entertainment in a research report on Monday, June 23rd. They issued a "buy" rating and a $75.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $55.13.

Read Our Latest Analysis on Sphere Entertainment

Sphere Entertainment Stock Up 6.5%

The business has a 50-day simple moving average of $53.49 and a two-hundred day simple moving average of $42.69. 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 $2.41 billion, a P/E ratio of -12.69 and a beta of 1.79.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported $3.39 EPS for the quarter, topping the consensus estimate of ($1.57) by $4.96. The company had revenue of $282.68 million for the quarter, compared to analysts' expectations of $280.23 million. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The business's revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($2.00) earnings per share. Equities research analysts forecast that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Several hedge funds have recently added to or reduced their stakes in SPHR. Janney Montgomery Scott LLC acquired a new position in Sphere Entertainment in the first quarter valued at about $225,000. Envestnet Asset Management Inc. acquired a new position in Sphere Entertainment in the first quarter valued at about $1,359,000. Victory Capital Management Inc. lifted its stake in Sphere Entertainment by 152.0% in the first quarter. Victory Capital Management Inc. now owns 56,392 shares of the company's stock valued at $1,845,000 after buying an additional 34,015 shares during the period. Pinnacle Associates Ltd. lifted its stake in Sphere Entertainment by 35.7% in the first quarter. Pinnacle Associates Ltd. now owns 66,945 shares of the company's stock valued at $2,190,000 after buying an additional 17,623 shares during the period. Finally, Atria Wealth Solutions Inc. acquired a new position in Sphere Entertainment in the first quarter valued at about $279,000. Institutional investors and hedge funds own 92.03% of the company's stock.

About Sphere Entertainment

(Get Free Report)

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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