Sphere Entertainment (NYSE:SPHR) Stock Price Breaks Above Fifty Day Moving Average – Here’s Why

Sphere Entertainment Co. (NYSE:SPHR) crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $123.61 and traded as high as $128.93. Sphere Entertainment shares last traded at $126.79, with a volume of 591,537 shares changing hands.

Wall Street Analysts Forecast Growth

SPHR has been the subject of a number of research reports. BTIG Research reduced their target price on shares of Sphere Entertainment from $160.00 to $145.00 and set a “buy” rating for the company in a report on Friday, November 6th. Wells Fargo & Company set a $200.00 price target on shares of Sphere Entertainment in a research report on Tuesday, October 6th. Seaport Research Partners set a $160.00 price target on shares of Sphere Entertainment in a research note on Wednesday, October 7th. Susquehanna reissued a “positive” rating and set a $156.00 price objective on shares of Sphere Entertainment in a research report on Friday, November 6th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $150.00 price objective on shares of Sphere Entertainment in a research note on Friday, November 6th. Eleven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Sphere Entertainment presently has an average rating of “Moderate Buy” and a consensus target price of $156.60.

Sphere Entertainment Price Performance

The firm has a 50 day moving average price of $123.61 and a 200 day moving average price of $130.84. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.36. The stock has a market cap of $4.55 billion, a P/E ratio of -26.86 and a beta of 1.72.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Thursday, November 5th. The company reported ($4.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.66) by ($3.18). The company had revenue of $274.26 million for the quarter, compared to analysts’ expectations of $269.71 million. Sphere Entertainment had a negative net margin of 11.60% and a negative return on equity of 0.78%. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($2.80) earnings per share. On average, analysts forecast that Sphere Entertainment Co. will post -5.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Several large investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its position in shares of Sphere Entertainment by 114.2% in the third quarter. Assenagon Asset Management S.A. now owns 871,484 shares of the company’s stock worth $117,162,000 after purchasing an additional 464,609 shares during the period. Renaissance Technologies LLC lifted its position in shares of Sphere Entertainment by 149.9% in 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 in the last quarter. Artemis Investment Management LLP lifted its position in shares of Sphere Entertainment by 118.9% in the third quarter. Artemis Investment Management LLP now owns 447,982 shares of the company’s stock valued at $60,227,000 after acquiring an additional 243,376 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of Sphere Entertainment in the first quarter valued at about $15,196,000. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of 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 worth $61,510,000 after acquiring an additional 104,192 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

About Sphere Entertainment

Sphere Entertainment Co. is a live entertainment and media company whose businesses include Sphere and MSG Networks. Sphere is a large-scale venue in Las Vegas designed for concerts, films and other events, featuring immersive visuals and sound. The company also operates Sphere Studios, which develops content and technology for the venue and other applications. MSG Networks operates regional sports and entertainment networks serving viewers in the New York metropolitan area. Its programming includes live coverage of professional sports, as well as news and other original content, with related streaming services also available to consumers.