Sphere Entertainment (NYSE:SPHR) Hits New 52-Week High – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $171.47 and last traded at $169.1930, with a volume of 1019 shares. The stock had previously closed at $169.85.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SPHR shares. Weiss Ratings upgraded shares of Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Bank of America boosted their target price on Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. 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 report on Wednesday, June 17th. Citigroup reiterated a “market outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Finally, Susquehanna upped their target price on Sphere Entertainment from $159.00 to $182.00 and gave the company a “positive” rating in a report on Thursday, June 18th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $151.15.

Sphere Entertainment Stock Performance

The firm’s 50 day moving average price is $140.49 and its two-hundred day moving average price is $117.41. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22. The firm has a market cap of $6.01 billion, a PE ratio of 94.67 and a beta of 1.65.

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

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds have recently modified their holdings of SPHR. Steadfast Capital Management LP raised its holdings in Sphere Entertainment by 0.9% in the 3rd quarter. Steadfast Capital Management LP now owns 1,256,497 shares of the company’s stock valued at $78,054,000 after buying an additional 10,720 shares during the period. Holocene Advisors LP boosted its stake in Sphere Entertainment by 23.2% during the second quarter. Holocene Advisors LP now owns 760,160 shares of the company’s stock worth $31,775,000 after buying an additional 142,997 shares during the period. Goldman Sachs Group Inc. boosted its stake in Sphere Entertainment by 132.0% during the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after buying an additional 357,794 shares during the period. Renaissance Technologies LLC increased its position in shares of Sphere Entertainment by 149.9% during the first quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock valued at $65,736,000 after acquiring an additional 335,900 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in Sphere Entertainment by 24.8% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 523,934 shares of the company’s stock valued at $61,510,000 after purchasing an additional 104,192 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

About Sphere Entertainment

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.