Sphere Entertainment (NYSE:SPHR) Sets New 1-Year High After Analyst Upgrade

Sphere Entertainment Co. (NYSE:SPHR) reached a new 52-week high during trading on Wednesday after Benchmark upgraded the stock from a sell rating to a hold rating. The company traded as high as $118.13 and last traded at $114.69, with a volume of 653591 shares changing hands. The stock had previously closed at $115.70.

SPHR has been the subject of several other research reports. Seaport Research Partners upgraded shares of Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. Bank of America increased their price target on shares of Sphere Entertainment from $48.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, December 19th. JPMorgan Chase & Co. boosted their price objective on Sphere Entertainment from $91.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, January 15th. Craig Hallum restated a “buy” rating and set a $100.00 price objective on shares of Sphere Entertainment in a research report on Thursday, December 18th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sphere Entertainment in a report on Wednesday, January 21st. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $101.23.

Hedge Funds Weigh In On Sphere Entertainment

A number of large investors have recently bought and sold shares of SPHR. D.A. Davidson & CO. bought a new stake in shares of Sphere Entertainment during the second quarter valued at approximately $209,000. Fox Run Management L.L.C. purchased a new position in Sphere Entertainment during the 2nd quarter worth $609,000. Geode Capital Management LLC raised its position in Sphere Entertainment by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 650,037 shares of the company’s stock valued at $27,175,000 after purchasing an additional 9,746 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Sphere Entertainment in the 3rd quarter worth $2,937,000. Finally, Quantum Private Wealth LLC purchased a new stake in shares of Sphere Entertainment in the 2nd quarter worth $238,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Up 0.4%

The firm has a market cap of $4.07 billion, a P/E ratio of -255.96 and a beta of 1.68. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.34. The business has a 50-day moving average price of $96.07 and a 200-day moving average price of $73.69.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Thursday, February 12th. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $1.35. The company had revenue of $394.28 million during the quarter, compared to analyst estimates of $377.60 million. Sphere Entertainment had a net margin of 2.16% and a negative return on equity of 8.84%. The firm’s revenue for the quarter was up 27.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($3.49) earnings per share. On average, equities analysts forecast that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Sphere Entertainment Company Profile

Sphere Entertainment Co (NYSE: SPHR) is a publicly traded company focused on the development and operation of large-scale immersive entertainment venues. Established as a standalone entity in early 2023 following its separation from Madison Square Garden Entertainment, Sphere leverages cutting-edge audiovisual technologies to create next-generation concert, film and cultural experiences. The company’s flagship venue in Las Vegas showcases its core capabilities, while additional projects are in various stages of development around the world.

At the Las Vegas Sphere, Sphere Entertainment has installed one of the largest LED display surfaces on the planet, wrapping audiences in 16K resolution imagery and spatial audio powered by proprietary sound systems.