Sphere Entertainment (NYSE:SPHR) Reaches New 1-Year High – Here’s Why

Sphere Entertainment Co. (NYSE:SPHR) hit a new 52-week high during trading on Wednesday . The stock traded as high as $68.15 and last traded at $65.38, with a volume of 1503583 shares. The stock had previously closed at $63.09.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SPHR shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Sphere Entertainment in a research note on Wednesday, October 8th. Morgan Stanley boosted their price objective on Sphere Entertainment from $35.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 12th. JPMorgan Chase & Co. boosted their price objective on Sphere Entertainment from $60.00 to $68.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. Wall Street Zen upgraded Sphere Entertainment from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Finally, The Goldman Sachs Group boosted their price target on Sphere Entertainment from $50.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, September 17th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Sphere Entertainment has an average rating of “Hold” and an average target price of $55.13.

Sphere Entertainment Stock Up 1.1%

The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36. The business has a 50-day moving average price of $55.04 and a 200-day moving average price of $43.25. The firm has a market capitalization of $2.33 billion, a PE ratio of -12.25 and a beta of 1.79.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings results on Monday, August 11th. The company reported $3.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.57) by $4.96. The business had revenue of $282.68 million during the quarter, compared to analyst estimates of $280.23 million. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The business’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($2.00) earnings per share. Equities research analysts forecast that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds have recently modified their holdings of the company. CWM LLC grew its holdings in shares of Sphere Entertainment by 915.3% in the second quarter. CWM LLC now owns 731 shares of the company’s stock valued at $31,000 after purchasing an additional 659 shares during the period. GAMMA Investing LLC grew its stake in shares of Sphere Entertainment by 95.3% in the 2nd quarter. GAMMA Investing LLC now owns 744 shares of the company’s stock valued at $31,000 after buying an additional 363 shares during the period. Chesapeake Asset Management LLC purchased a new stake in shares of Sphere Entertainment in the 3rd quarter valued at approximately $75,000. Tower Research Capital LLC TRC grew its position in Sphere Entertainment by 81.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,294 shares of the company’s stock worth $96,000 after acquiring an additional 1,030 shares during the period. Finally, ANB Bank purchased a new position in Sphere Entertainment in the third quarter worth approximately $219,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

About Sphere Entertainment

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.