Sphere Entertainment (NYSE:SPHR) Sets New 1-Year High – Should You Buy?

Sphere Entertainment Co. (NYSE:SPHR) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $160.47 and last traded at $160.47, with a volume of 199138 shares trading hands. The stock had previously closed at $157.24.

Analyst Ratings Changes

SPHR has been the topic of a number of research reports. Benchmark raised their price target on Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, June 18th. Citizens Jmp raised their price objective on Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a report on Wednesday, June 17th. JPMorgan Chase & Co. boosted their target price on Sphere Entertainment from $143.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Seaport Research Partners reiterated a “buy” rating and set a $173.00 price target on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Finally, Guggenheim lifted their price target on shares of Sphere Entertainment from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $151.15.

Sphere Entertainment Stock Up 1.2%

The stock has a market capitalization of $5.57 billion, a P/E ratio of 87.28 and a beta of 1.64. The stock has a 50 day moving average price of $139.19 and a 200-day moving average price of $116.27. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.27. The business had revenue of $386.41 million for the quarter, compared to analyst estimates of $313.41 million. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.Sphere Entertainment’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same period last year, the company earned ($2.27) EPS. As a group, research analysts expect that Sphere Entertainment Co. will post -2.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Hollencrest Capital Management purchased a new stake in Sphere Entertainment during the 4th quarter valued at $41,000. Caitong International Asset Management Co. Ltd increased its position in shares of Sphere Entertainment by 53.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after acquiring an additional 156 shares during the period. Parallel Advisors LLC raised its stake in shares of Sphere Entertainment by 275.0% during the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock valued at $55,000 after acquiring an additional 341 shares during the last quarter. Vision Retirement LLC raised its stake in shares of Sphere Entertainment by 38.0% during the first quarter. Vision Retirement LLC now owns 483 shares of the company’s stock valued at $57,000 after acquiring an additional 133 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Sphere Entertainment during the fourth quarter worth about $48,000. Institutional investors own 92.03% of the company’s stock.

About Sphere Entertainment

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.