Sphere Entertainment (NYSE:SPHR) Shares Up 4.7% – Still a Buy?

Sphere Entertainment Co. (NYSE:SPHR)’s stock price shot up 4.7% during mid-day trading on Thursday. The company traded as high as $110.76 and last traded at $111.2330. Approximately 298,056 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 769,718 shares. The stock had previously closed at $106.24.

Wall Street Analyst Weigh In

SPHR has been the topic of several recent analyst reports. Citigroup reissued a “market outperform” rating on shares of Sphere Entertainment in a research note on Tuesday. New Street Research set a $188.00 price target on Sphere Entertainment in a report on Tuesday, July 14th. Guggenheim raised their price objective on Sphere Entertainment from $193.00 to $208.00 and gave the stock a “buy” rating in a report on Wednesday, September 2nd. Seaport Research Partners set a $160.00 price objective on Sphere Entertainment in a research report on Wednesday. Finally, The Goldman Sachs Group upped their target price on Sphere Entertainment from $150.00 to $189.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $168.40.

Sphere Entertainment Stock Down 2.4%

The firm has a market cap of $3.83 billion, a P/E ratio of -39.79 and a beta of 1.61. The firm’s 50-day moving average price is $144.79 and its 200 day moving average price is $140.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) earnings per share for the quarter, topping the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The firm had revenue of $313.64 million for the quarter, compared to analyst estimates of $307.44 million. During the same quarter in the prior year, the business earned $3.39 earnings per share. Sphere Entertainment’s quarterly revenue was up 10.9% on a year-over-year basis. On average, equities research analysts expect that Sphere Entertainment Co. will post -2.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its holdings in shares of Sphere Entertainment by 18.4% in the third quarter. GAMMA Investing LLC now owns 1,138 shares of the company’s stock worth $153,000 after buying an additional 177 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of Sphere Entertainment by 13.4% during the third quarter. Farther Finance Advisors LLC now owns 2,607 shares of the company’s stock valued at $350,000 after buying an additional 308 shares in the last quarter. Artemis Investment Management LLP grew its holdings in shares of Sphere Entertainment by 118.9% during the third quarter. Artemis Investment Management LLP now owns 447,982 shares of the company’s stock valued at $60,227,000 after buying an additional 243,376 shares in the last quarter. Whalen Wealth Management Inc. acquired a new position in Sphere Entertainment during the third quarter valued at $265,000. Finally, Polaris Financial Partners purchased a new stake in Sphere Entertainment in the 3rd quarter worth about $43,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

About Sphere Entertainment

Sphere Entertainment Co is an entertainment company focused on developing and operating large-scale live experiences, media properties and venues. Its flagship asset is Sphere, a next-generation entertainment venue in Las Vegas featuring a wraparound interior display, immersive audio and experiential programming. Sphere presents concerts, films, sporting events and other productions designed to combine live performance with advanced visual and audio technology.

The company also operates MSG Networks, a regional sports and entertainment media business serving audiences primarily in the New York metropolitan area.