Sphere Entertainment (NYSE:SPHR) Hits New 12-Month High – Here’s What Happened

Shares of Sphere Entertainment Co. (NYSE:SPHR) hit a new 52-week high on Tuesday . The stock traded as high as $69.70 and last traded at $68.21, with a volume of 834849 shares traded. The stock had previously closed at $67.24.

Analyst Upgrades and Downgrades

SPHR has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on Sphere Entertainment from $60.00 to $68.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 8th. BTIG Research initiated coverage on Sphere Entertainment in a research report on Monday, October 6th. They set a “neutral” rating for the company. Wall Street Zen upgraded Sphere Entertainment from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Sphere Entertainment in a research report on Wednesday, October 8th. Finally, Morgan Stanley upped their price objective on Sphere Entertainment from $35.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 12th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Sphere Entertainment presently has an average rating of “Hold” and a consensus target price of $55.13.

Sphere Entertainment Trading Up 1.4%

The business has a fifty day simple moving average of $56.10 and a 200-day simple moving average of $44.01. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.13. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of -12.82 and a beta of 1.79.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Monday, August 11th. The company reported $3.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.57) by $4.96. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The business had revenue of $282.68 million during the quarter, compared to analysts’ expectations of $280.23 million. During the same quarter in the prior year, the firm earned ($2.00) EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, equities analysts forecast that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in SPHR. Ariel Investments LLC boosted its position in shares of Sphere Entertainment by 12.7% during the 2nd quarter. Ariel Investments LLC now owns 7,100,237 shares of the company’s stock valued at $296,790,000 after purchasing an additional 802,098 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after purchasing an additional 357,794 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Sphere Entertainment by 292.8% during the 1st quarter. Deutsche Bank AG now owns 448,729 shares of the company’s stock valued at $14,682,000 after purchasing an additional 334,500 shares in the last quarter. Northern Trust Corp boosted its position in shares of Sphere Entertainment by 41.2% during the 1st quarter. Northern Trust Corp now owns 523,839 shares of the company’s stock valued at $17,140,000 after purchasing an additional 152,893 shares in the last quarter. Finally, Holocene Advisors LP boosted its position in shares of Sphere Entertainment by 23.2% during the 2nd quarter. Holocene Advisors LP now owns 760,160 shares of the company’s stock valued at $31,775,000 after purchasing an additional 142,997 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.