Sphere Entertainment (NYSE:SPHR) Sets New 52-Week High – Here’s What Happened

Sphere Entertainment Co. (NYSE:SPHR) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $97.38 and last traded at $96.96, with a volume of 205691 shares trading hands. The stock had previously closed at $94.78.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SPHR shares. Morgan Stanley upgraded Sphere Entertainment from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $75.00 to $105.00 in a report on Thursday, December 18th. JPMorgan Chase & Co. lifted their price target on shares of Sphere Entertainment from $80.00 to $91.00 and gave the stock an “overweight” rating in a research note on Thursday, December 4th. Seaport Res Ptn raised shares of Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. Guggenheim raised their price objective on shares of Sphere Entertainment from $78.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Finally, Wolfe Research reaffirmed an “outperform” rating and set a $105.00 price objective on shares of Sphere Entertainment in a research report on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.60.

Sphere Entertainment Stock Performance

The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of -18.94 and a beta of 1.71. The stock’s 50-day moving average price is $85.50 and its 200-day moving average price is $63.35. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96.

Hedge Funds Weigh In On Sphere Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in the business. D.A. Davidson & CO. acquired a new stake in shares of Sphere Entertainment during the second quarter worth $209,000. North Star Investment Management Corp. increased its position in shares of Sphere Entertainment by 4.7% during the 2nd quarter. North Star Investment Management Corp. now owns 140,615 shares of the company’s stock worth $5,878,000 after purchasing an additional 6,310 shares during the last quarter. O Keefe Stevens Advisory Inc. raised its position in Sphere Entertainment by 4.7% during the second quarter. O Keefe Stevens Advisory Inc. now owns 208,182 shares of the company’s stock worth $8,702,000 after acquiring an additional 9,386 shares in the last quarter. Fox Run Management L.L.C. bought a new position in Sphere Entertainment during the second quarter worth about $609,000. Finally, Geode Capital Management LLC boosted its stake in shares of Sphere Entertainment by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 650,037 shares of the company’s stock worth $27,175,000 after acquiring an additional 9,746 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Company Profile

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.