Sphere Entertainment (NYSE:SPHR) Hits New 12-Month High – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR) reached a new 52-week high on Thursday . The stock traded as high as $151.05 and last traded at $151.2760, with a volume of 350749 shares trading hands. The stock had previously closed at $142.00.

Wall Street Analysts Forecast Growth

SPHR has been the subject of a number of analyst reports. Citigroup restated an “outperform” rating on shares of Sphere Entertainment in a research note on Wednesday, May 6th. Citizens Jmp raised their price target on shares of Sphere Entertainment from $150.00 to $175.00 and gave the stock a “market outperform” rating in a research note on Wednesday, May 6th. Morgan Stanley restated an “overweight” rating and set a $170.00 price target on shares of Sphere Entertainment in a research note on Wednesday, May 6th. JPMorgan Chase & Co. raised their price target on shares of Sphere Entertainment from $143.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, Bank of America raised their price target on shares of Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $145.92.

Sphere Entertainment Trading Up 6.5%

The company has a market cap of $5.37 billion, a price-to-earnings ratio of 85.25 and a beta of 1.64. The company’s fifty day moving average price is $133.34 and its two-hundred day moving average price is $111.09. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.27. The company had revenue of $386.41 million during the quarter, compared to analyst estimates of $313.41 million. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The company’s revenue was up 37.7% on a year-over-year basis. During the same quarter last year, the business posted ($2.27) earnings per share. Research analysts expect that Sphere Entertainment Co. will post -2.44 earnings per share for the current year.

Institutional Trading of Sphere Entertainment

Hedge funds have recently modified their holdings of the company. Hollencrest Capital Management acquired a new stake in shares of Sphere Entertainment in the fourth quarter valued at approximately $41,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Sphere Entertainment by 53.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after purchasing an additional 156 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Sphere Entertainment in the fourth quarter valued at approximately $48,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Sphere Entertainment in the fourth quarter valued at approximately $52,000. Finally, Parallel Advisors LLC increased its holdings in shares of Sphere Entertainment by 275.0% in the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock valued at $55,000 after purchasing an additional 341 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Company Profile

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.