Sphere Entertainment (NYSE:SPHR) Hits New 12-Month High – Time to Buy?

Sphere Entertainment Co. (NYSE:SPHR)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $171.47 and last traded at $169.1930, with a volume of 1019 shares changing hands. The stock had previously closed at $169.85.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Benchmark increased their price objective on shares of Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Bank of America upped their target price on Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Citizens Jmp increased their target price on Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a research report on Wednesday, June 17th. Seaport Research Partners reiterated a “buy” rating and issued a $173.00 price target on shares of Sphere Entertainment in a report on Wednesday, June 17th. Finally, Citigroup reissued a “market outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Sphere Entertainment has an average rating of “Moderate Buy” and an average target price of $151.15.

Sphere Entertainment Price Performance

The company has a market cap of $6.16 billion, a PE ratio of 97.42 and a beta of 1.64. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22. The stock’s 50-day moving average is $142.02 and its 200 day moving average is $118.62.

Sphere Entertainment (NYSE:SPHR) last released 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 net margin of 8.05% and a negative return on equity of 5.07%. The business’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same period in the previous year, the company earned ($2.27) earnings per share. On average, equities analysts anticipate that Sphere Entertainment Co. will post -2.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hollencrest Capital Management purchased a new stake in Sphere Entertainment in the fourth quarter valued at about $41,000. Caitong International Asset Management Co. Ltd raised its position in shares of Sphere Entertainment by 53.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after purchasing an additional 156 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Sphere Entertainment in the 4th quarter valued at approximately $48,000. Flagship Harbor Advisors LLC acquired a new stake in Sphere Entertainment in the 4th quarter worth approximately $52,000. Finally, Parallel Advisors LLC grew its position in Sphere Entertainment by 275.0% during the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock worth $55,000 after purchasing an additional 341 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.