Sphere Entertainment (NYSE:SPHR) Sets New 12-Month High – Here’s Why

Shares of Sphere Entertainment Co. (NYSE:SPHR) hit a new 52-week high on Tuesday . The stock traded as high as $96.82 and last traded at $96.8950, with a volume of 373567 shares traded. The stock had previously closed at $93.19.

Analyst Upgrades and Downgrades

SPHR has been the topic of a number of recent analyst reports. Bank of America lifted their price target on Sphere Entertainment from $48.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, December 19th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sphere Entertainment in a report on Wednesday, October 8th. BTIG Research initiated coverage on shares of Sphere Entertainment in a research report on Monday, October 6th. They set a “neutral” rating on the stock. Morgan Stanley upgraded shares of Sphere Entertainment from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $75.00 to $105.00 in a research report on Thursday, December 18th. Finally, Seaport Res Ptn downgraded shares of Sphere Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 15th. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $78.70.

Sphere Entertainment Price Performance

The firm has a market capitalization of $3.42 billion, a PE ratio of -18.74 and a beta of 1.79. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a fifty day moving average price of $80.06 and a 200-day moving average price of $59.51.

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc purchased a new position in shares of Sphere Entertainment during the 3rd quarter valued at about $124,000. Penn Capital Management Company LLC acquired a new stake in Sphere Entertainment during the third quarter worth about $438,000. CIBC Bancorp USA Inc. purchased a new position in Sphere Entertainment during the third quarter valued at approximately $296,000. Advisory Services Network LLC lifted its holdings in Sphere Entertainment by 5.9% in the third quarter. Advisory Services Network LLC now owns 7,858 shares of the company’s stock valued at $488,000 after acquiring an additional 440 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in Sphere Entertainment by 576.6% in the third quarter. NewEdge Advisors LLC now owns 927 shares of the company’s stock valued at $58,000 after acquiring an additional 790 shares during the period. Hedge funds and other 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.