Sphere Entertainment (NYSE:SPHR) Sets New 1-Year High – Here’s What Happened

Sphere Entertainment Co. (NYSE:SPHR)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $175.00 and last traded at $173.75, with a volume of 320277 shares changing hands. The stock had previously closed at $162.37.

Analysts Set New Price Targets

SPHR has been the topic of a number of recent analyst reports. New Street Research set a $188.00 price target on shares of Sphere Entertainment in a research note on Tuesday, July 14th. Citizens Jmp increased their target price on Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Wednesday, June 17th. Benchmark raised 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. The Goldman Sachs Group lifted their price target on Sphere Entertainment from $150.00 to $189.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. Finally, Susquehanna upped their price objective on Sphere Entertainment from $159.00 to $182.00 and gave the stock a “positive” rating in a report on Thursday, June 18th. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Sphere Entertainment has an average rating of “Moderate Buy” and a consensus price target of $163.38.

Sphere Entertainment Price Performance

The company has a 50 day moving average price of $150.83 and a 200 day moving average price of $130.37. The firm has a market cap of $6.28 billion, a PE ratio of -65.28 and a beta of 1.65. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.32.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) earnings per share for the quarter, beating the consensus estimate of ($1.51) by $0.44. The firm had revenue of $313.64 million during the quarter, compared to the consensus estimate of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.Sphere Entertainment’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period last year, the business posted $3.39 EPS. On average, sell-side analysts expect that Sphere Entertainment Co. will post -2.3 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Ninepoint Partners LP acquired a new position in shares of Sphere Entertainment during the 2nd quarter worth $2,220,000. Great Lakes Advisors LLC acquired a new stake in Sphere Entertainment in the 2nd quarter valued at about $2,626,000. Handelsbanken Fonder AB grew its stake in Sphere Entertainment by 30.0% in the 2nd quarter. Handelsbanken Fonder AB now owns 7,800 shares of the company’s stock valued at $1,350,000 after acquiring an additional 1,800 shares during the last quarter. Breakwater Capital Group purchased a new position in Sphere Entertainment during the 2nd quarter valued at about $257,000. Finally, Assenagon Asset Management S.A. purchased a new position in Sphere Entertainment during the 2nd quarter valued at about $70,402,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.