Sphere Entertainment (NYSE:SPHR) Hits New 1-Year High – Should You Buy?

Sphere Entertainment Co. (NYSE:SPHR)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $119.37 and last traded at $118.8950, with a volume of 184483 shares trading hands. The stock had previously closed at $116.32.

Analysts Set New Price Targets

A number of research firms recently commented on SPHR. Morgan Stanley reaffirmed an “overweight” rating and set a $135.00 price target on shares of Sphere Entertainment in a research report 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 report on Thursday, December 18th. Seaport Research Partners upgraded shares of Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sphere Entertainment in a research note on Wednesday, January 21st. Finally, BTIG Research raised their price objective on Sphere Entertainment from $110.00 to $127.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.23.

Sphere Entertainment Stock Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market cap of $4.23 billion, a P/E ratio of -264.81 and a beta of 1.68. The stock’s fifty day moving average price is $99.61 and its two-hundred day moving average price is $77.31.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Thursday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $1.35. Sphere Entertainment had a net margin of 2.16% and a negative return on equity of 8.84%. The business 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 posted ($3.49) earnings per share. The firm’s quarterly revenue was up 27.9% compared to the same quarter last year. As a group, equities analysts predict that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Institutional Trading of Sphere Entertainment

Institutional investors and hedge funds have recently modified their holdings of the business. Ariel Investments LLC grew its position in Sphere Entertainment by 12.7% in the second quarter. Ariel Investments LLC now owns 7,100,237 shares of the company’s stock valued at $296,790,000 after acquiring an additional 802,098 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Sphere Entertainment in the fourth quarter worth about $39,909,000. Goldman Sachs Group Inc. boosted its stake in shares of Sphere Entertainment by 132.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after purchasing an additional 357,794 shares in the last quarter. Mane Global Capital Management LP bought a new stake in shares of Sphere Entertainment during the 3rd quarter valued at approximately $22,143,000. Finally, Woodline Partners LP bought a new stake in shares of Sphere Entertainment during the 3rd quarter valued at approximately $20,503,000. 92.03% of the stock is currently owned by institutional investors.

About Sphere Entertainment

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.