Sphere Entertainment (NYSE:SPHR) Reaches New 52-Week High – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR) shares hit a new 52-week high on Wednesday . The company traded as high as $175.00 and last traded at $173.75, with a volume of 320277 shares. The stock had previously closed at $162.37.

Analysts Set New Price Targets

Several analysts have weighed in on SPHR shares. BTIG Research reissued a “buy” rating and issued a $190.00 price target on shares of Sphere Entertainment in a research note on Monday, August 3rd. Susquehanna raised their price objective on Sphere Entertainment from $159.00 to $182.00 and gave the company a “positive” rating in a research note on Thursday, June 18th. Citigroup reiterated a “market outperform” rating on shares of Sphere Entertainment in a report on Wednesday, June 17th. Guggenheim boosted their target price on Sphere Entertainment from $188.00 to $193.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Morgan Stanley restated an “overweight” rating and set a $170.00 target price on shares of Sphere Entertainment in a report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $163.38.

Sphere Entertainment Stock Performance

The firm has a market cap of $6.32 billion, a P/E ratio of -65.64 and a beta of 1.65. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.32. The business’s fifty day simple moving average is $152.17 and its 200-day simple moving average is $131.47.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, beating the consensus estimate of ($1.51) by $0.44. The firm had revenue of $313.64 million during the quarter, compared to the consensus estimate of $307.44 million. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.39 earnings per share. As a group, sell-side analysts expect that Sphere Entertainment Co. will post -2.3 earnings per share for the current year.

Institutional Investors Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of SPHR. Ninepoint Partners LP purchased a new position in shares of Sphere Entertainment during the second quarter valued at approximately $2,220,000. Great Lakes Advisors LLC bought a new stake in Sphere Entertainment in the second quarter valued at $2,626,000. Handelsbanken Fonder AB increased its position in Sphere Entertainment by 30.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 7,800 shares of the company’s stock valued at $1,350,000 after purchasing an additional 1,800 shares during the period. Breakwater Capital Group purchased a new position in Sphere Entertainment during the 2nd quarter valued at $257,000. Finally, Assenagon Asset Management S.A. bought a new position in Sphere Entertainment in the 2nd quarter worth $70,402,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.