Sphere Entertainment (NYSE:SPHR) Reaches New 12-Month High – Here’s What Happened

Sphere Entertainment Co. (NYSE:SPHR)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $81.80 and last traded at $81.7510, with a volume of 651646 shares trading hands. The stock had previously closed at $77.94.

Wall Street Analyst Weigh In

SPHR has been the subject of several research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sphere Entertainment in a research note on Wednesday, October 8th. The Goldman Sachs Group raised their price objective on shares of Sphere Entertainment from $69.00 to $79.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Benchmark lifted their price objective on shares of Sphere Entertainment from $35.00 to $45.00 and gave the stock a “sell” rating in a research note on Wednesday, November 5th. Morgan Stanley increased their target price on shares of Sphere Entertainment from $40.00 to $65.00 and gave the company an “equal weight” rating in a research note on Monday, November 3rd. Finally, BTIG Research started coverage on shares of Sphere Entertainment in a research report on Monday, October 6th. They issued a “neutral” rating on the stock. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $63.88.

Sphere Entertainment Trading Up 1.3%

The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of -16.02 and a beta of 1.79. The company has a fifty day simple moving average of $67.38 and a 200-day simple moving average of $51.28.

Sphere Entertainment (NYSE:SPHR) last announced its earnings results on Tuesday, November 4th. The company reported ($1.37) EPS for the quarter, topping the consensus estimate of ($1.62) by $0.25. The company had revenue of $262.51 million during the quarter, compared to analysts’ expectations of $259.34 million. Sphere Entertainment had a negative net margin of 13.87% and a negative return on equity of 17.20%. On average, research analysts forecast that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Northern Trust Corp increased its stake in shares of Sphere Entertainment by 41.2% in the first quarter. Northern Trust Corp now owns 523,839 shares of the company’s stock worth $17,140,000 after acquiring an additional 152,893 shares during the last quarter. Sandler Capital Management acquired a new stake in Sphere Entertainment during the first quarter valued at $1,701,000. D.A. Davidson & CO. purchased a new position in Sphere Entertainment in the second quarter valued at about $209,000. Capital Fund Management S.A. increased its position in Sphere Entertainment by 48.4% in the 1st quarter. Capital Fund Management S.A. now owns 92,277 shares of the company’s stock worth $3,019,000 after purchasing an additional 30,093 shares during the last quarter. Finally, Atria Wealth Solutions Inc. acquired a new position in Sphere Entertainment in the 1st quarter worth about $279,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.