Sphere Entertainment (NYSE:SPHR) Hits New 52-Week High Following Strong Earnings

Shares of Sphere Entertainment Co. (NYSE:SPHR) hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $72.14 and last traded at $69.61, with a volume of 2516621 shares traded. The stock had previously closed at $66.34.

The company reported ($1.37) EPS for the quarter, beating analysts’ consensus estimates of ($1.62) by $0.25. Sphere Entertainment had a negative return on equity of 17.01% and a negative net margin of 13.87%.The firm had revenue of $262.51 million for the quarter, compared to analysts’ expectations of $259.34 million.

Analyst Ratings Changes

Several research analysts recently issued reports on SPHR shares. Benchmark increased their price objective on Sphere Entertainment from $35.00 to $45.00 and gave the stock a “sell” rating in a research note on Wednesday. The Goldman Sachs Group increased their price objective on Sphere Entertainment from $69.00 to $79.00 and gave the stock a “buy” rating in a research note on Wednesday. BTIG Research started coverage on Sphere Entertainment in a research note on Monday, October 6th. They issued a “neutral” rating on the stock. JPMorgan Chase & Co. increased their price objective on Sphere Entertainment from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Wall Street Zen raised Sphere Entertainment from a “sell” rating to a “hold” rating in a research note on Saturday, July 12th. Five investment 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, Sphere Entertainment presently has an average rating of “Hold” and a consensus target price of $63.88.

Institutional Trading of Sphere Entertainment

A number of hedge funds have recently bought and sold shares of the stock. Northern Trust Corp lifted its holdings in shares of Sphere Entertainment by 41.2% during the 1st quarter. Northern Trust Corp now owns 523,839 shares of the company’s stock valued at $17,140,000 after purchasing an additional 152,893 shares during the last quarter. Sandler Capital Management purchased a new stake in shares of Sphere Entertainment during the 1st quarter valued at $1,701,000. D.A. Davidson & CO. purchased a new stake in shares of Sphere Entertainment during the 2nd quarter valued at $209,000. Capital Fund Management S.A. lifted its holdings in shares of Sphere Entertainment by 48.4% during the 1st quarter. Capital Fund Management S.A. now owns 92,277 shares of the company’s stock valued at $3,019,000 after purchasing an additional 30,093 shares during the last quarter. Finally, Atria Wealth Solutions Inc. purchased a new stake in shares of Sphere Entertainment during the 1st quarter valued at $279,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

The firm has a fifty day moving average price of $59.82 and a 200 day moving average price of $46.09. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market cap of $2.63 billion, a PE ratio of -14.21 and a beta of 1.79.

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.