Sphere Entertainment (NYSE:SPHR) Stock Price Up 8.7% – Here’s Why

Sphere Entertainment Co. (NYSE:SPHR) shot up 8.7% during trading on Thursday. The company traded as high as $118.39 and last traded at $118.2860. 566,085 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 777,911 shares. The stock had previously closed at $108.85.

Key Headlines Impacting Sphere Entertainment

Here are the key news stories impacting Sphere Entertainment this week:

• Positive Sentiment: Revenue rose 4.5% year over year to $274.26 million, topping analysts’ expectations of about $269.7 million. Zacks also reported a quarterly loss of $0.98 per share versus its consensus estimate of a $1.79 loss, though that figure differs from the company’s reported EPS. Zacks earnings report
• Positive Sentiment: Sphere’s The Wizard of Oz production had surpassed $500 million in ticket sales, with more than four million tickets sold since its August debut. The company also introduced expanded 4D effects, offering evidence of strong attraction demand. Third-quarter results
• Negative Sentiment: The company reported a $4.84-per-share loss, wider than the $1.66 loss analysts expected and the $2.80 loss a year earlier. The gap between this reported figure and Zacks’ per-share loss measure makes the earnings picture mixed; the reported loss could weigh on investor sentiment. Report on stock reaction and quarterly loss

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group lifted their price target on shares of Sphere Entertainment from $150.00 to $189.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Craig Hallum lowered shares of Sphere Entertainment from a “buy” rating to a “hold” rating and set a $132.00 price objective on the stock. in a report on Monday, October 5th. Guggenheim lowered their price objective on shares of Sphere Entertainment from $208.00 to $180.00 and set a “buy” rating for the company in a research report on Wednesday, October 14th. Wells Fargo & Company set a $200.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, October 6th. Finally, Morgan Stanley dropped their target price on shares of Sphere Entertainment from $170.00 to $150.00 and set an “overweight” rating for the company in a report on Tuesday, October 27th. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $160.93.

Sphere Entertainment Stock Performance

The company has a market capitalization of $4.03 billion, a price-to-earnings ratio of -42.34 and a beta of 1.72. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.22 and a current ratio of 1.22. The firm has a 50-day simple moving average of $125.88 and a two-hundred day simple moving average of $130.22.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($4.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.66) by ($3.18). The business had revenue of $274.26 million for the quarter, compared to analyst estimates of $269.71 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($2.80) EPS. On average, sell-side analysts anticipate that Sphere Entertainment Co. will post -2.70 EPS for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

Large investors have recently added to or reduced their stakes in the business. Signaturefd LLC lifted its holdings in Sphere Entertainment by 204.9% during the 3rd quarter. Signaturefd LLC now owns 186 shares of the company’s stock worth $25,000 after buying an additional 125 shares in the last quarter. Polaris Financial Partners acquired a new position in shares of Sphere Entertainment in the third quarter worth $43,000. Parallel Advisors LLC increased its position in shares of Sphere Entertainment by 275.0% during the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock worth $55,000 after acquiring an additional 341 shares during the period. Vision Retirement LLC increased its position in shares of Sphere Entertainment by 38.0% during the first quarter. Vision Retirement LLC now owns 483 shares of the company’s stock worth $57,000 after acquiring an additional 133 shares during the period. Finally, Rockefeller Capital Management L.P. raised its stake in shares of Sphere Entertainment by 19.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock valued at $58,000 after acquiring an additional 100 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Company Profile

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences and sports and entertainment programming. Its principal asset is Sphere, a next-generation venue in Las Vegas featuring a large exterior LED display, a high-resolution interior screen, advanced audio technology and immersive production capabilities.

Sphere presents concerts, residencies, films and other experiences, while its Sphere Studios business develops original content and technology for the venue and other immersive applications.