Sphere Entertainment (NYSE:SPHR) Hits New 1-Year High – Should You Buy?

Sphere Entertainment Co. (NYSE:SPHR) shares reached a new 52-week high on Tuesday . The stock traded as high as $121.93 and last traded at $117.9990, with a volume of 135856 shares traded. The stock had previously closed at $117.74.

Analyst Ratings Changes

Several brokerages have issued reports on SPHR. Bank of America raised their price target on Sphere Entertainment from $48.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, December 19th. Benchmark upgraded Sphere Entertainment from a “sell” rating to a “hold” rating in a research report on Tuesday, February 17th. National Bank Financial set a $136.00 price objective on Sphere Entertainment in a report on Thursday, January 22nd. Morgan Stanley restated an “overweight” rating and set a $135.00 price target on shares of Sphere Entertainment in a research note on Friday, February 13th. Finally, BTIG Research boosted their price objective on shares of Sphere Entertainment from $110.00 to $127.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Sphere Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $101.23.

Sphere Entertainment Stock Up 0.1%

The company has a debt-to-equity ratio of 0.34, a current ratio of 1.09 and a quick ratio of 1.09. The company has a 50-day moving average price of $102.02 and a 200 day moving average price of $80.69. The firm has a market capitalization of $4.19 billion, a PE ratio of -262.22 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Thursday, February 12th. The company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $1.35. Sphere Entertainment had a net margin of 2.16% and a negative return on equity of 8.84%. The business had revenue of $394.28 million for the quarter, compared to analyst estimates of $377.60 million. During the same period last year, the company posted ($3.49) earnings per share. The company’s quarterly revenue was up 27.9% compared to the same quarter last year. Analysts forecast that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors have recently bought and sold shares of SPHR. Fox Run Management L.L.C. acquired a new position in Sphere Entertainment in the second quarter worth about $609,000. Geode Capital Management LLC grew its position in Sphere Entertainment by 1.5% during the second quarter. Geode Capital Management LLC now owns 650,037 shares of the company’s stock valued at $27,175,000 after purchasing an additional 9,746 shares in the last quarter. SG Americas Securities LLC bought a new stake in Sphere Entertainment in the third quarter worth approximately $2,937,000. Quantum Private Wealth LLC bought a new position in shares of Sphere Entertainment in the second quarter valued at approximately $238,000. Finally, Campbell & CO Investment Adviser LLC bought a new stake in Sphere Entertainment in the 2nd quarter valued at $1,332,000. 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.