Sphere Entertainment (NYSE:SPHR) Stock Price Up 4.7% – Time to Buy?

Sphere Entertainment Co. (NYSE:SPHR) shares rose 4.7% on Thursday. The stock traded as high as $110.76 and last traded at $111.2330. 298,056 shares were traded during mid-day trading, a decline of 61% from the average session volume of 769,718 shares. The stock had previously closed at $106.24.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SPHR. The Goldman Sachs Group lifted their price target on shares of Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Craig Hallum cut Sphere Entertainment from a “buy” rating to a “hold” rating and set a $132.00 target price on the stock. in a report on Monday. Guggenheim lifted their target price on Sphere Entertainment from $193.00 to $208.00 and gave the company a “buy” rating in a research report on Wednesday, September 2nd. Piper Sandler began coverage on Sphere Entertainment in a report on Thursday, August 20th. They set an “overweight” rating and a $185.00 price target for the company. Finally, Citigroup restated a “market outperform” rating on shares of Sphere Entertainment in a research report on Tuesday. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $168.40.

Sphere Entertainment Stock Performance

The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.32. The business’s 50 day moving average is $146.33 and its two-hundred day moving average is $141.20. The company has a market cap of $4.01 billion, a PE ratio of -41.73 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The business had revenue of $313.64 million during the quarter, compared to analyst estimates of $307.44 million. During the same quarter in the prior year, the business posted $3.39 EPS. Sphere Entertainment’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, equities research analysts anticipate that Sphere Entertainment Co. will post -2.34 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SPHR. Artemis Investment Management LLP raised its position in shares of Sphere Entertainment by 118.9% during the third quarter. Artemis Investment Management LLP now owns 447,982 shares of the company’s stock valued at $60,227,000 after buying an additional 243,376 shares during the last quarter. Whalen Wealth Management Inc. purchased a new position in Sphere Entertainment during the third quarter valued at $265,000. Polaris Financial Partners bought a new stake in Sphere Entertainment in the 3rd quarter valued at $43,000. Sequoia Financial Advisors LLC purchased a new stake in Sphere Entertainment in the 2nd quarter worth $207,000. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Sphere Entertainment during the 2nd quarter valued at about $255,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

About Sphere Entertainment

Sphere Entertainment Co is an entertainment company focused on developing and operating large-scale live experiences, media properties and venues. Its flagship asset is Sphere, a next-generation entertainment venue in Las Vegas featuring a wraparound interior display, immersive audio and experiential programming. Sphere presents concerts, films, sporting events and other productions designed to combine live performance with advanced visual and audio technology.

The company also operates MSG Networks, a regional sports and entertainment media business serving audiences primarily in the New York metropolitan area.