Sphere Entertainment (NYSE:SPHR) Hits New 52-Week High – Here’s Why

Shares of Sphere Entertainment Co. (NYSE:SPHR) hit a new 52-week high during trading on Tuesday . The stock traded as high as $85.69 and last traded at $85.87, with a volume of 129407 shares. The stock had previously closed at $84.10.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. 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 report on Monday, November 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Sphere Entertainment in a research note on Wednesday, October 8th. Benchmark increased their price objective on Sphere Entertainment from $35.00 to $45.00 and gave the stock a “sell” rating in a report on Wednesday, November 5th. JPMorgan Chase & Co. boosted their target price on Sphere Entertainment from $80.00 to $91.00 and gave the company an “overweight” rating in a research note on Thursday, December 4th. Finally, Guggenheim lifted their target price on Sphere Entertainment from $78.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Sphere Entertainment has an average rating of “Hold” and a consensus target price of $65.25.

Sphere Entertainment Trading Up 2.9%

The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96. The business has a fifty day moving average of $71.22 and a 200-day moving average of $53.93. The company has a market capitalization of $3.06 billion, a P/E ratio of -16.76 and a beta of 1.79.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Atria Wealth Solutions Inc. purchased a new stake in Sphere Entertainment during the 1st quarter valued at about $279,000. Deutsche Bank AG increased its position in Sphere Entertainment by 292.8% during the 1st quarter. Deutsche Bank AG now owns 448,729 shares of the company’s stock valued at $14,682,000 after buying an additional 334,500 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Sphere Entertainment in the first quarter worth $123,000. Invesco Ltd. raised its position in Sphere Entertainment by 18.6% in the 1st quarter. Invesco Ltd. now owns 45,798 shares of the company’s stock worth $1,499,000 after buying an additional 7,183 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Sphere Entertainment during the first quarter valued at approximately $2,301,000. Institutional investors own 92.03% of the company’s stock.

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.