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

Sphere Entertainment Co. (NYSE:SPHR)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $160.47 and last traded at $160.47, with a volume of 199138 shares traded. The stock had previously closed at $157.24.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Bank of America upped their price objective on Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Benchmark boosted their price target on Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Guggenheim raised their price objective on Sphere Entertainment from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. BTIG Research reaffirmed a “buy” rating and set a $190.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, May 19th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $170.00 target price on shares of Sphere Entertainment in a 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $151.15.

Sphere Entertainment Price Performance

The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33. The stock has a 50 day simple moving average of $138.07 and a 200-day simple moving average of $115.22. The firm has a market cap of $5.69 billion, a PE ratio of 90.08 and a beta of 1.64.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.27. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.The business had revenue of $386.41 million for the quarter, compared to the consensus estimate of $313.41 million. During the same period in the previous year, the business earned ($2.27) earnings per share. The business’s revenue was up 37.7% on a year-over-year basis. Equities analysts anticipate that Sphere Entertainment Co. will post -2.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPHR. Parallel Advisors LLC grew its holdings in Sphere Entertainment by 275.0% during the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock valued at $55,000 after buying an additional 341 shares in the last quarter. Amundi purchased a new position in shares of Sphere Entertainment in the first quarter worth $212,000. California State Teachers Retirement System boosted its position in shares of Sphere Entertainment by 23.6% during the first quarter. California State Teachers Retirement System now owns 30,255 shares of the company’s stock worth $3,552,000 after acquiring an additional 5,785 shares during the last quarter. Quantinno Capital Management LP boosted its position in shares of Sphere Entertainment by 84.9% during the first quarter. Quantinno Capital Management LP now owns 36,822 shares of the company’s stock worth $4,323,000 after acquiring an additional 16,907 shares during the last quarter. Finally, Entropy Technologies LP grew its stake in Sphere Entertainment by 75.5% during the first quarter. Entropy Technologies LP now owns 11,403 shares of the company’s stock valued at $1,339,000 after acquiring an additional 4,905 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

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.