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

Shares of Sphere Entertainment Co. (NYSE:SPHR) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $130.33 and last traded at $126.1970, with a volume of 685590 shares traded. The stock had previously closed at $127.22.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Wolfe Research reaffirmed an “outperform” rating and issued a $105.00 target price on shares of Sphere Entertainment in a report on Monday, December 15th. Bank of America lifted their target price on Sphere Entertainment from $48.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, December 19th. Guggenheim lifted their target price on Sphere Entertainment from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. JPMorgan Chase & Co. lifted their target price on Sphere Entertainment from $91.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, January 15th. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $100.00 target price on shares of Sphere Entertainment in a report on Thursday, December 18th. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $110.46.

Sphere Entertainment Stock Down 0.8%

The company has a 50 day simple moving average of $109.48 and a two-hundred day simple moving average of $89.54. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $4.48 billion, a P/E ratio of -280.44 and a beta of 1.67.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Thursday, February 12th. The company reported $1.23 earnings per share for the quarter, topping 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 company had revenue of $394.28 million for the quarter, compared to analysts’ expectations of $377.60 million. During the same period in the previous year, the firm posted ($3.49) earnings per share. The firm’s revenue for the quarter was up 27.9% on a year-over-year basis. As a group, equities analysts predict that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Institutional Investors Weigh In On Sphere Entertainment

Several large investors have recently added to or reduced their stakes in the stock. Quent Capital LLC bought a new position in shares of Sphere Entertainment during the third quarter valued at approximately $30,000. ORG Partners LLC grew its stake in shares of Sphere Entertainment by 80.1% during the third 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 last quarter. Hollencrest Capital Management bought a new position in shares of Sphere Entertainment during the fourth quarter valued at approximately $41,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Sphere Entertainment by 53.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after buying an additional 156 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Sphere Entertainment during the fourth quarter valued at approximately $48,000. 92.03% of the stock is 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.