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 on Tuesday . The stock traded as high as $97.38 and last traded at $96.96, with a volume of 205691 shares. The stock had previously closed at $94.78.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SPHR. BTIG Research started coverage on Sphere Entertainment in a report on Monday, October 6th. They set a “neutral” rating on the stock. Benchmark raised their price objective on shares of Sphere Entertainment from $35.00 to $45.00 and gave the company a “sell” rating in a report on Wednesday, November 5th. Seaport Res Ptn upgraded Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. Wolfe Research reissued an “outperform” rating and set a $105.00 target price on shares of Sphere Entertainment in a research note on Monday, December 15th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $98.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.60.

Sphere Entertainment Stock Up 3.3%

The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $3.46 billion, a PE ratio of -18.94 and a beta of 1.71. The stock’s fifty day simple moving average is $85.50 and its 200-day simple moving average is $63.35.

Institutional Investors Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its stake in shares of Sphere Entertainment by 2.0% in the 3rd quarter. Arizona State Retirement System now owns 7,758 shares of the company’s stock worth $482,000 after buying an additional 152 shares during the last quarter. ORG Partners LLC lifted its holdings in Sphere Entertainment by 80.1% during the third quarter. ORG Partners LLC now owns 661 shares of the company’s stock worth $41,000 after acquiring an additional 294 shares during the period. First Trust Advisors LP boosted its position in Sphere Entertainment by 1.6% in the second quarter. First Trust Advisors LP now owns 20,610 shares of the company’s stock worth $861,000 after purchasing an additional 315 shares during the last quarter. AlphaQuest LLC grew its stake in Sphere Entertainment by 3.9% in the 3rd quarter. AlphaQuest LLC now owns 8,461 shares of the company’s stock valued at $526,000 after purchasing an additional 321 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Sphere Entertainment by 95.3% during the 2nd quarter. GAMMA Investing LLC now owns 744 shares of the company’s stock valued at $31,000 after purchasing an additional 363 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.