Sphere Entertainment (NYSE:SPHR) Reaches New 1-Year High After Analyst Upgrade

Sphere Entertainment Co. (NYSE:SPHR) shares hit a new 52-week high during trading on Wednesday after Benchmark raised their price target on the stock from $155.00 to $175.00. Benchmark currently has a buy rating on the stock. Sphere Entertainment traded as high as $158.85 and last traded at $154.8780, with a volume of 967276 shares changing hands. The stock had previously closed at $154.38.

Other equities analysts have also recently issued research reports about the company. Seaport Research Partners reaffirmed a “buy” rating and issued a $173.00 target price on shares of Sphere Entertainment in a report on Wednesday. JPMorgan Chase & Co. lifted their price target on Sphere Entertainment from $143.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Morgan Stanley restated an “overweight” rating and set a $170.00 price target on shares of Sphere Entertainment in a report on Wednesday, May 6th. Weiss Ratings upgraded Sphere Entertainment from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Finally, The Goldman Sachs Group upped their price objective on Sphere Entertainment from $126.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, April 8th. Eleven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $151.15.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Hollencrest Capital Management bought a new stake in shares of Sphere Entertainment in the 4th quarter valued at about $41,000. Caitong International Asset Management Co. Ltd raised its position in shares of Sphere Entertainment by 53.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock worth $43,000 after acquiring an additional 156 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Sphere Entertainment in the fourth quarter worth approximately $48,000. Flagship Harbor Advisors LLC acquired a new position in shares of Sphere Entertainment in the fourth quarter worth approximately $52,000. Finally, Parallel Advisors LLC boosted its holdings in Sphere Entertainment by 275.0% in the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock valued at $55,000 after acquiring an additional 341 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Sphere Entertainment Price Performance

The firm has a market capitalization of $5.60 billion, a P/E ratio of 88.59 and a beta of 1.64. The company has a fifty day moving average of $136.97 and a 200 day moving average of $114.17. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22.

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

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.