Sphere Entertainment (NYSE:SPHR) Hits New 1-Year High – Time to Buy?

Shares of Sphere Entertainment Co. (NYSE:SPHR) hit a new 52-week high during trading on Tuesday . The stock traded as high as $160.47 and last traded at $160.47, with a volume of 199138 shares. The stock had previously closed at $157.24.

Wall Street Analyst Weigh In

SPHR has been the subject of several research reports. Weiss Ratings raised shares of Sphere Entertainment from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Susquehanna lifted their target price on Sphere Entertainment from $159.00 to $182.00 and gave the stock a “positive” rating in a report on Thursday, June 18th. Seaport Research Partners reiterated a “buy” rating and issued a $173.00 target price on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Citizens Jmp increased their price target on Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a research note on Wednesday, June 17th. Finally, Morgan Stanley restated an “overweight” rating and set a $170.00 price target on shares of Sphere Entertainment in a report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $151.15.

Sphere Entertainment Stock Up 2.0%

The firm has a market cap of $5.69 billion, a P/E ratio of 90.08 and a beta of 1.64. The company’s 50-day simple moving average is $138.07 and its 200 day simple moving average is $115.22. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22.

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

Institutional Investors Weigh In On Sphere Entertainment

Several large investors have recently added to or reduced their stakes in the stock. Hollencrest Capital Management bought a new stake in shares of Sphere Entertainment in the 4th quarter valued at approximately $41,000. Caitong International Asset Management Co. Ltd increased its position in shares of Sphere Entertainment by 53.1% during the 4th 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 during the last quarter. Parallel Advisors LLC raised its holdings in Sphere Entertainment by 275.0% during the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock valued at $55,000 after buying an additional 341 shares during the period. Vision Retirement LLC raised its holdings in Sphere Entertainment by 38.0% during the 1st quarter. Vision Retirement LLC now owns 483 shares of the company’s stock valued at $57,000 after buying an additional 133 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in Sphere Entertainment in the fourth quarter worth $48,000. 92.03% of the stock is owned by institutional investors.

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.