Sphere Entertainment (NYSE:SPHR) Shares Climb 4.7% – Time to Buy?

Sphere Entertainment Co. (NYSE:SPHR) shares shot up 4.7% during mid-day trading on Thursday. The stock traded as high as $110.76 and last traded at $111.2330. Approximately 298,056 shares changed hands during 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 subject of several research reports. Craig Hallum lowered shares of Sphere Entertainment from a “buy” rating to a “hold” rating and set a $132.00 price objective for the company. in a research report on Monday. JPMorgan Chase & Co. lowered their price target on shares of Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Guggenheim lifted their price target on Sphere Entertainment from $193.00 to $208.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. Susquehanna upped their price objective on Sphere Entertainment from $159.00 to $182.00 and gave the company a “positive” rating in a research report on Thursday, June 18th. Finally, Seaport Research Partners set a $160.00 target price on Sphere Entertainment in a report on Wednesday. Eleven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Sphere Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $168.40.

Sphere Entertainment Price Performance

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 company has a market capitalization of $4.01 billion, a P/E ratio of -41.73 and a beta of 1.61. The firm’s fifty day moving average is $146.33 and its 200 day moving average is $141.20.

Sphere Entertainment (NYSE:SPHR) last announced its earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The business had revenue of $313.64 million during the quarter, compared to analyst estimates of $307.44 million. During the same quarter in the previous year, the business earned $3.39 earnings per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. As a group, analysts predict that Sphere Entertainment Co. will post -2.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SPHR. GAMMA Investing LLC increased its holdings in shares of Sphere Entertainment by 7.1% in the second quarter. GAMMA Investing LLC now owns 961 shares of the company’s stock valued at $166,000 after purchasing an additional 64 shares during the period. Arizona State Retirement System lifted its holdings in shares of Sphere Entertainment by 1.1% during the second quarter. Arizona State Retirement System now owns 7,111 shares of the company’s stock worth $1,230,000 after purchasing an additional 75 shares during the period. Rockefeller Capital Management L.P. boosted its position in 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 buying an additional 100 shares during the last quarter. Vision Retirement LLC increased its holdings in Sphere Entertainment by 38.0% in the 1st quarter. Vision Retirement LLC now owns 483 shares of the company’s stock worth $57,000 after buying an additional 133 shares during the period. Finally, Corient Private Wealth LP raised its position in Sphere Entertainment by 1.3% during the 2nd quarter. Corient Private Wealth LP now owns 15,930 shares of the company’s stock worth $2,756,000 after buying an additional 198 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Company Profile

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.