Sphere Entertainment (NYSE:SPHR) Sets New 1-Year High – Here’s What Happened

Sphere Entertainment Co. (NYSE:SPHR)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $175.00 and last traded at $173.75, with a volume of 320277 shares traded. The stock had previously closed at $162.37.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Guggenheim increased their target price on Sphere Entertainment from $188.00 to $193.00 and gave the company a “buy” rating in a report on Friday, July 31st. Weiss Ratings raised Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Citizens Jmp increased 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. cut their target price on Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Finally, The Goldman Sachs Group boosted their target price on Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $163.38.

Sphere Entertainment Stock Up 7.8%

The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22. The company has a market cap of $6.28 billion, a price-to-earnings ratio of -65.28 and a beta of 1.65. The firm’s 50 day simple moving average is $150.83 and its 200-day simple moving average is $130.37.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, topping analysts’ consensus estimates of ($1.51) by $0.44. The business had revenue of $313.64 million for the quarter, compared to analysts’ expectations of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The business’s revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.39 earnings per share. As a group, sell-side analysts anticipate that Sphere Entertainment Co. will post -2.3 earnings per share for the current year.

Institutional Investors Weigh In On Sphere Entertainment

Several large investors have recently modified their holdings of the company. Ninepoint Partners LP acquired a new position in shares of Sphere Entertainment in the 2nd quarter valued at $2,220,000. Great Lakes Advisors LLC purchased a new stake in shares of Sphere Entertainment in the second quarter valued at about $2,626,000. Handelsbanken Fonder AB boosted its stake in shares of Sphere Entertainment by 30.0% during the second quarter. Handelsbanken Fonder AB now owns 7,800 shares of the company’s stock worth $1,350,000 after buying an additional 1,800 shares during the period. Breakwater Capital Group purchased a new position in shares of Sphere Entertainment during the second quarter worth about $257,000. Finally, Assenagon Asset Management S.A. acquired a new position in Sphere Entertainment in the 2nd quarter valued at about $70,402,000. 92.03% of the stock is owned by institutional investors and hedge funds.

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.