Sphere Entertainment (NYSE:SPHR) Reaches New 1-Year High – Time to Buy?

Shares of Sphere Entertainment Co. (NYSE:SPHR) hit a new 52-week high during trading on Wednesday . The company traded as high as $158.85 and last traded at $154.8780, with a volume of 967276 shares traded. The stock had previously closed at $154.38.

Analyst Ratings Changes

Several research firms have recently weighed in on SPHR. Weiss Ratings raised shares of Sphere Entertainment from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. upped their price objective on Sphere Entertainment from $143.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Citizens Jmp increased their price objective on Sphere Entertainment from $150.00 to $175.00 and gave the stock a “market outperform” rating in a research report on Wednesday, May 6th. BTIG Research reissued a “buy” rating and set a $190.00 target price on shares of Sphere Entertainment in a research note on Tuesday, May 19th. Finally, Citigroup restated an “outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $145.92.

Sphere Entertainment Stock Up 0.3%

The business’s 50 day moving average price is $135.79 and its 200-day moving average price is $113.17. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22. The firm has a market capitalization of $5.50 billion, a PE ratio of 87.01 and a beta of 1.65.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.27. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The firm had revenue of $386.41 million during the quarter, compared to analysts’ expectations of $313.41 million. During the same quarter last year, the company posted ($2.27) EPS. The firm’s quarterly revenue was up 37.7% on a year-over-year basis. As a group, equities research analysts forecast that Sphere Entertainment Co. will post -2.44 earnings per share for the current year.

Institutional Investors Weigh In On Sphere Entertainment

A number of institutional investors have recently modified their holdings of SPHR. Hollencrest Capital Management acquired a new position in Sphere Entertainment during the 4th quarter worth about $41,000. Caitong International Asset Management Co. Ltd increased its stake in Sphere Entertainment by 53.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock worth $43,000 after purchasing an additional 156 shares during the period. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Sphere Entertainment during the fourth quarter worth about $48,000. Flagship Harbor Advisors LLC purchased a new position in shares of Sphere Entertainment in the fourth quarter valued at approximately $52,000. Finally, Parallel Advisors LLC boosted its stake in shares of Sphere Entertainment by 275.0% in the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock valued at $55,000 after purchasing an additional 341 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

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.