Sphere Entertainment (NYSE:SPHR) Hits New 1-Year High After Better-Than-Expected Earnings

Sphere Entertainment Co. (NYSE:SPHR)’s stock price hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $72.14 and last traded at $69.61, with a volume of 2516621 shares traded. The stock had previously closed at $66.34.

The company reported ($1.37) earnings per share for the quarter, beating the consensus estimate of ($1.62) by $0.25. The company had revenue of $262.51 million during the quarter, compared to analysts’ expectations of $259.34 million. Sphere Entertainment had a negative return on equity of 17.20% and a negative net margin of 13.87%.

Analysts Set New Price Targets

Several research firms have issued reports on SPHR. Guggenheim raised their price target on shares of Sphere Entertainment from $78.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday. Benchmark lifted their target price on Sphere Entertainment from $35.00 to $45.00 and gave the stock a “sell” rating in a research report on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Sphere Entertainment in a research note on Wednesday, October 8th. Wall Street Zen upgraded Sphere Entertainment from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Finally, JPMorgan Chase & Co. lifted their price objective on Sphere Entertainment from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $63.88.

Institutional Trading of Sphere Entertainment

Institutional investors have recently bought and sold shares of the stock. Stratos Wealth Partners LTD. bought a new stake in Sphere Entertainment in the third quarter valued at $720,000. Jones Financial Companies Lllp boosted its stake in shares of Sphere Entertainment by 190.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company’s stock valued at $72,000 after purchasing an additional 796 shares in the last quarter. Thrivent Financial for Lutherans bought a new stake in shares of Sphere Entertainment in the 3rd quarter worth about $239,000. AlphaQuest LLC increased its position in shares of Sphere Entertainment by 3.9% during the 3rd quarter. AlphaQuest LLC now owns 8,461 shares of the company’s stock worth $526,000 after purchasing an additional 321 shares in the last quarter. Finally, Arizona State Retirement System lifted its holdings in Sphere Entertainment by 2.0% during the 3rd quarter. Arizona State Retirement System now owns 7,758 shares of the company’s stock valued at $482,000 after purchasing an additional 152 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Stock Down 0.5%

The stock has a market capitalization of $2.61 billion, a P/E ratio of -14.13 and a beta of 1.79. The company has a current ratio of 0.96, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. The firm’s fifty day moving average is $60.37 and its 200-day moving average is $46.27.

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.