Sphere Entertainment (NYSE:SPHR) Reaches New 52-Week High – Time to Buy?

Sphere Entertainment Co. (NYSE:SPHR) hit a new 52-week high on Friday . The stock traded as high as $119.37 and last traded at $118.8950, with a volume of 184483 shares changing hands. The stock had previously closed at $116.32.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $135.00 target price on shares of Sphere Entertainment in a research report on Friday, February 13th. Seaport Research Partners raised Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 8th. BTIG Research upped their target price on Sphere Entertainment from $110.00 to $127.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. New Street Research set a $110.00 target price on Sphere Entertainment in a report on Thursday, January 15th. Finally, Guggenheim upped their price objective on shares of Sphere Entertainment from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $101.23.

Sphere Entertainment Trading Up 2.6%

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 firm’s fifty day moving average is $99.10 and its two-hundred day moving average is $76.48. The firm has a market capitalization of $4.24 billion, a PE ratio of -264.87 and a beta of 1.68.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Thursday, February 12th. The company reported $1.23 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $394.28 million for the quarter, compared to analysts’ expectations of $377.60 million. During the same quarter last year, the firm earned ($3.49) EPS. The company’s quarterly revenue was up 27.9% compared to the same quarter last year. On average, equities analysts predict that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in SPHR. Royal Bank of Canada grew its position in Sphere Entertainment by 5.5% during the first quarter. Royal Bank of Canada now owns 150,614 shares of the company’s stock valued at $4,928,000 after buying an additional 7,891 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Sphere Entertainment by 5.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,270 shares of the company’s stock valued at $532,000 after acquiring an additional 831 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Sphere Entertainment by 132.0% in the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after acquiring an additional 357,794 shares during the last quarter. CWM LLC grew its position in shares of Sphere Entertainment by 915.3% during the 2nd quarter. CWM LLC now owns 731 shares of the company’s stock valued at $31,000 after acquiring an additional 659 shares during the period. Finally, D.A. Davidson & CO. purchased a new stake in shares of Sphere Entertainment during the 2nd quarter worth approximately $209,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

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.