Sphere Entertainment (NYSE:SPHR) Reaches New 12-Month High on Analyst Upgrade

Sphere Entertainment Co. (NYSE:SPHR)’s share price reached a new 52-week high during mid-day trading on Wednesday after Benchmark upgraded the stock from a sell rating to a hold rating. The stock traded as high as $118.13 and last traded at $114.69, with a volume of 653591 shares traded. The stock had previously closed at $115.70.

Other equities research analysts also recently issued research reports about the stock. Guggenheim lifted their price target on shares of Sphere Entertainment from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. Craig Hallum restated a “buy” rating and set a $100.00 target price on shares of Sphere Entertainment in a research note on Thursday, December 18th. New Street Research set a $110.00 price target on Sphere Entertainment in a research note on Thursday, January 15th. Wolfe Research restated an “outperform” rating and set a $105.00 price objective on shares of Sphere Entertainment in a research note on Monday, December 15th. Finally, National Bank Financial set a $136.00 target price on Sphere Entertainment in a research report on Thursday, January 22nd. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $101.23.

Institutional Trading of Sphere Entertainment

Several institutional investors have recently added to or reduced their stakes in the business. D.A. Davidson & CO. acquired a new stake in shares of Sphere Entertainment in the 2nd quarter worth about $209,000. Fox Run Management L.L.C. acquired a new position in Sphere Entertainment during the 2nd quarter valued at about $609,000. Geode Capital Management LLC boosted its stake in Sphere Entertainment by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 650,037 shares of the company’s stock valued at $27,175,000 after purchasing an additional 9,746 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Sphere Entertainment in the third quarter valued at approximately $2,937,000. Finally, Quantum Private Wealth LLC acquired a new stake in shares of Sphere Entertainment in the second quarter valued at approximately $238,000. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

The company has a market cap of $4.05 billion, a P/E ratio of -254.87 and a beta of 1.68. The stock has a fifty day moving average price of $95.49 and a two-hundred day moving average price of $73.39. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.09 and a quick ratio of 1.09.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Thursday, February 12th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of ($0.12) by $1.35. Sphere Entertainment had a negative return on equity of 8.84% and a net margin of 2.16%.The firm had revenue of $394.28 million for the quarter, compared to analysts’ expectations of $377.60 million. During the same period last year, the firm earned ($3.49) EPS. The firm’s revenue was up 27.9% compared to the same quarter last year. On average, equities analysts forecast that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

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.