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 mid-day trading on Wednesday . The company traded as high as $68.15 and last traded at $65.38, with a volume of 1503583 shares changing hands. The stock had previously closed at $63.09.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SPHR. Guggenheim boosted their target price on shares of Sphere Entertainment from $76.00 to $78.00 and gave the company a “buy” rating in a report on Thursday, October 16th. JPMorgan Chase & Co. boosted their target price on shares of Sphere Entertainment from $60.00 to $68.00 and gave the company an “overweight” rating in a report on Wednesday, October 8th. The Goldman Sachs Group boosted their target price on shares of Sphere Entertainment from $50.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, September 17th. BTIG Research began coverage on shares of Sphere Entertainment in a report on Monday, October 6th. They set a “neutral” rating on the stock. Finally, Morgan Stanley boosted their target price on shares of Sphere Entertainment from $35.00 to $40.00 and gave the company an “equal weight” rating in a report on Tuesday, August 12th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $55.13.

Sphere Entertainment Trading Up 3.6%

The stock has a market cap of $2.34 billion, a P/E ratio of -12.29 and a beta of 1.79. The firm’s fifty day moving average price is $54.03 and its two-hundred day moving average price is $42.84. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.13 and a quick ratio of 1.13.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Monday, August 11th. The company reported $3.39 EPS for the quarter, beating analysts’ consensus estimates of ($1.57) by $4.96. The business had revenue of $282.68 million for the quarter, compared to analysts’ expectations of $280.23 million. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The firm’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($2.00) earnings per share. As a group, equities research analysts forecast that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. CWM LLC increased its stake in Sphere Entertainment by 915.3% in the second quarter. CWM LLC now owns 731 shares of the company’s stock valued at $31,000 after acquiring an additional 659 shares during the last quarter. GAMMA Investing LLC increased its stake in Sphere Entertainment by 95.3% in the second quarter. GAMMA Investing LLC now owns 744 shares of the company’s stock valued at $31,000 after acquiring an additional 363 shares during the last quarter. Chesapeake Asset Management LLC bought a new position in Sphere Entertainment in the third quarter valued at $75,000. Tower Research Capital LLC TRC increased its stake in Sphere Entertainment by 81.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,294 shares of the company’s stock valued at $96,000 after acquiring an additional 1,030 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC bought a new position in Sphere Entertainment in the third quarter valued at $220,000. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Company Profile

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.