Sphere Entertainment (NYSE:SPHR) Sets New 1-Year High on Analyst Upgrade

Sphere Entertainment Co. (NYSE:SPHR)’s share price reached a new 52-week high during mid-day trading on Wednesday after Benchmark upgraded the stock from a sell rating to a hold rating. The company traded as high as $118.13 and last traded at $114.69, with a volume of 653591 shares changing hands. The stock had previously closed at $115.70.

SPHR has been the subject of a number of other research reports. BTIG Research increased their target price on shares of Sphere Entertainment from $110.00 to $127.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Craig Hallum reaffirmed a “buy” rating and issued a $100.00 price target on shares of Sphere Entertainment in a research note on Thursday, December 18th. Bank of America increased their price objective on shares of Sphere Entertainment from $48.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, December 19th. National Bank Financial set a $136.00 price objective on shares of Sphere Entertainment in a research note on Thursday, January 22nd. Finally, Wolfe Research reissued an “outperform” rating and set a $105.00 target price on shares of Sphere Entertainment in a report on Monday, December 15th. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.23.

Institutional Investors Weigh In On Sphere Entertainment

Several large investors have recently modified their holdings of SPHR. Ariel Investments LLC lifted its holdings in shares of Sphere Entertainment by 12.7% during the second 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 during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Sphere Entertainment in the 4th quarter worth about $39,909,000. Goldman Sachs Group Inc. raised its holdings in Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after buying an additional 357,794 shares during the period. Mane Global Capital Management LP acquired a new stake in Sphere Entertainment during the 3rd quarter worth about $22,143,000. Finally, Woodline Partners LP purchased a new stake in Sphere Entertainment during the third quarter valued at about $20,503,000. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Stock Performance

The firm’s fifty day simple moving average is $96.58 and its 200 day simple moving average is $73.97. The company has a market capitalization of $4.05 billion, a price-to-earnings ratio of -255.16 and a beta of 1.68. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.09 and a quick ratio of 1.09.

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

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.