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

Sphere Entertainment Co. (NYSE:SPHR)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $151.05 and last traded at $151.2760, with a volume of 350749 shares trading hands. The stock had previously closed at $142.00.

Analysts Set New Price Targets

SPHR has been the subject of several recent analyst reports. Benchmark upgraded shares of Sphere Entertainment from a “hold” rating to a “buy” rating and set a $155.00 price objective for the company in a report on Wednesday, May 6th. Weiss Ratings raised shares of Sphere Entertainment from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. The Goldman Sachs Group lifted their target price on shares of Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. Citigroup restated an “outperform” rating on shares of Sphere Entertainment in a report on Wednesday, May 6th. Finally, Morgan Stanley restated an “overweight” rating and set a $170.00 price target 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $145.92.

Sphere Entertainment Stock Up 1.6%

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 market capitalization of $5.44 billion, a PE ratio of 86.08 and a beta of 1.64. The stock’s fifty day simple moving average is $134.69 and its 200-day simple moving average is $111.91.

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

Hedge Funds Weigh In On Sphere Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hollencrest Capital Management purchased a new stake in Sphere Entertainment during the fourth quarter valued at about $41,000. Caitong International Asset Management Co. Ltd increased its position in shares of Sphere Entertainment by 53.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after buying an additional 156 shares during the period. Parallel Advisors LLC increased its position in shares of Sphere Entertainment by 275.0% during the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock valued at $55,000 after buying an additional 341 shares during the period. Vision Retirement LLC increased its position in shares of Sphere Entertainment by 38.0% during the first quarter. Vision Retirement LLC now owns 483 shares of the company’s stock valued at $57,000 after buying an additional 133 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Sphere Entertainment during the fourth quarter valued at about $48,000. 92.03% of the stock is owned by hedge funds and other 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.