Sphere Entertainment (NYSE:SPHR) Sets New 12-Month High on Better-Than-Expected Earnings

Sphere Entertainment Co. (NYSE:SPHR) shares reached a new 52-week high on Tuesday following a better than expected earnings announcement. The company traded as high as $149.00 and last traded at $136.7340, with a volume of 299643 shares changing hands. The stock had previously closed at $136.46.

The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.40. The firm had revenue of $386.41 million during the quarter, compared to analyst estimates of $368.14 million. Sphere Entertainment had a net margin of 2.16% and a negative return on equity of 8.84%. The business’s revenue was up 37.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($2.27) EPS.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. New Street Research set a $110.00 price objective on shares of Sphere Entertainment in a research report on Thursday, January 15th. BTIG Research upped their price objective on shares of Sphere Entertainment from $110.00 to $127.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Guggenheim upped their price objective on shares of Sphere Entertainment from $150.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. The Goldman Sachs Group upped their price objective on shares of Sphere Entertainment from $126.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, April 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sphere Entertainment in a research report on Monday, April 20th. Eight 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 currently has a consensus rating of “Moderate Buy” and an average target price of $122.75.

Institutional Trading of Sphere Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Steadfast Capital Management LP increased its stake in Sphere Entertainment by 0.9% in the third quarter. Steadfast Capital Management LP now owns 1,256,497 shares of the company’s stock valued at $78,054,000 after acquiring an additional 10,720 shares during the period. Holocene Advisors LP increased its stake in Sphere Entertainment by 23.2% in the second quarter. Holocene Advisors LP now owns 760,160 shares of the company’s stock valued at $31,775,000 after acquiring an additional 142,997 shares during the period. Goldman Sachs Group Inc. increased its stake in Sphere Entertainment by 132.0% in the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after acquiring an additional 357,794 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Sphere Entertainment in the fourth quarter valued at about $39,909,000. Finally, Mane Global Capital Management LP bought a new stake in Sphere Entertainment in the third quarter valued at about $22,143,000. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

The firm has a market cap of $4.90 billion, a P/E ratio of -302.34 and a beta of 1.69. The stock’s 50 day moving average is $120.41 and its two-hundred day moving average is $98.56. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.09 and a quick ratio of 1.09.

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.