Sphere Entertainment (NYSE:SPHR) Hits New 1-Year High – Here’s What Happened

Sphere Entertainment Co. (NYSE:SPHR) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $78.55 and last traded at $77.00, with a volume of 1071676 shares changing hands. The stock had previously closed at $77.08.

Analyst Ratings Changes

Several research analysts have weighed in on SPHR shares. JPMorgan Chase & Co. boosted their price objective on Sphere Entertainment from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Morgan Stanley boosted their price target on shares of Sphere Entertainment from $40.00 to $65.00 and gave the stock an “equal weight” rating in a report on Monday, November 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Sphere Entertainment in a research report on Wednesday, October 8th. Benchmark lifted their price objective on shares of Sphere Entertainment from $35.00 to $45.00 and gave the stock a “sell” rating in a research report on Wednesday, November 5th. Finally, BTIG Research initiated coverage on shares of Sphere Entertainment in a research report on Monday, October 6th. They set a “neutral” rating for the company. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $63.88.

Sphere Entertainment Stock Performance

The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $2.87 billion, a PE ratio of -15.49 and a beta of 1.79. The company’s fifty day simple moving average is $62.92 and its 200 day simple moving average is $47.87.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($1.37) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.62) by $0.25. The company had revenue of $262.51 million for the quarter, compared to analyst estimates of $259.34 million. Sphere Entertainment had a negative net margin of 13.87% and a negative return on equity of 17.20%. As a group, equities research analysts expect that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Large investors have recently made changes to their positions in the stock. Per Stirling Capital Management LLC. purchased a new position in shares of Sphere Entertainment in the third quarter valued at $266,000. Weik Capital Management purchased a new stake in Sphere Entertainment during the 3rd quarter worth about $248,000. Legato Capital Management LLC bought a new position in Sphere Entertainment in the 3rd quarter worth about $661,000. Quantbot Technologies LP boosted its stake in Sphere Entertainment by 27.1% in the 3rd quarter. Quantbot Technologies LP now owns 19,655 shares of the company’s stock worth $1,221,000 after purchasing an additional 4,186 shares during the period. Finally, US Bancorp DE grew its holdings in Sphere Entertainment by 44.2% during the 3rd quarter. US Bancorp DE now owns 2,057 shares of the company’s stock valued at $128,000 after buying an additional 631 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

About Sphere Entertainment

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.