Sphere Entertainment (NYSE:SPHR) Shares Up 7.3% Following Earnings Beat

Sphere Entertainment Co. (NYSE:SPHR) shares shot up 7.3% during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $69.41 and last traded at $71.1790. 380,156 shares were traded during mid-day trading, a decline of 58% from the average session volume of 896,705 shares. The stock had previously closed at $66.34.

The company reported ($1.37) EPS for the quarter, beating the consensus estimate of ($1.62) by $0.25. Sphere Entertainment had a negative net margin of 14.68% and a negative return on equity of 19.27%.

Wall Street Analyst Weigh In

Several research firms recently commented on SPHR. The Goldman Sachs Group increased their target price on shares of Sphere Entertainment from $50.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. BTIG Research initiated coverage on shares of Sphere Entertainment in a research report on Monday, October 6th. They issued a “neutral” rating for the company. JPMorgan Chase & Co. upped their price target on shares of Sphere Entertainment from $60.00 to $68.00 and gave the company an “overweight” rating in a research report on Wednesday, October 8th. Morgan Stanley upped their price target on shares of Sphere Entertainment from $40.00 to $65.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Wall Street Zen upgraded shares of Sphere Entertainment from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $58.25.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System increased its stake in Sphere Entertainment by 2.0% in the 3rd quarter. Arizona State Retirement System now owns 7,758 shares of the company’s stock valued at $482,000 after buying an additional 152 shares during the period. ORG Partners LLC increased its stake in Sphere Entertainment by 80.1% in the 3rd quarter. ORG Partners LLC now owns 661 shares of the company’s stock valued at $41,000 after buying an additional 294 shares during the period. First Trust Advisors LP increased its stake in shares of Sphere Entertainment by 1.6% during the 2nd quarter. First Trust Advisors LP now owns 20,610 shares of the company’s stock worth $861,000 after purchasing an additional 315 shares during the last quarter. AlphaQuest LLC increased its stake in shares of Sphere Entertainment by 3.9% during the 3rd quarter. AlphaQuest LLC now owns 8,461 shares of the company’s stock worth $526,000 after purchasing an additional 321 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Sphere Entertainment by 95.3% during the 2nd quarter. GAMMA Investing LLC now owns 744 shares of the company’s stock worth $31,000 after purchasing an additional 363 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Trading Up 4.9%

The company’s 50 day moving average price is $59.21 and its 200 day moving average price is $45.89. The company has a market cap of $2.49 billion, a price-to-earnings ratio of -13.08 and a beta of 1.79. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.13.

Sphere Entertainment Company Profile

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.