Sphere Entertainment (NYSE:SPHR) Stock Price Up 9.4% – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR) shares were up 9.4% on Tuesday. The company traded as high as $111.37 and last traded at $112.5820. 557,714 shares traded hands during trading, a decline of 28% from the average daily volume of 777,229 shares. The stock had previously closed at $102.89.

Wall Street Analyst Weigh In

SPHR has been the topic of several research reports. Seaport Research Partners set a $160.00 price target on shares of Sphere Entertainment in a research note on Wednesday, October 7th. New Street Research set a $188.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, July 14th. Weiss Ratings cut shares of Sphere Entertainment from a “hold (c)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. JPMorgan Chase & Co. cut their price objective on shares of Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Finally, The Goldman Sachs Group increased their target price on shares of Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Eleven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $164.93.

Sphere Entertainment Stock Up 1.2%

The firm has a 50 day moving average of $136.20 and a two-hundred day moving average of $140.75. The firm has a market capitalization of $4.10 billion, a price-to-earnings ratio of -42.61 and a beta of 1.61. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.51) by $0.44. The firm had revenue of $313.64 million for the quarter, compared to analysts’ expectations of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.39 earnings per share. As a group, sell-side analysts anticipate that Sphere Entertainment Co. will post -2.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Crossmark Global Holdings Inc. acquired a new stake in shares of Sphere Entertainment during the 3rd quarter valued at $201,000. Kercheville Advisors LLC bought a new stake in Sphere Entertainment during the 3rd quarter worth $336,000. Assenagon Asset Management S.A. grew its position in Sphere Entertainment by 114.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 871,484 shares of the company’s stock worth $117,162,000 after acquiring an additional 464,609 shares during the last quarter. GAMMA Investing LLC increased its holdings in Sphere Entertainment by 18.4% in the 3rd quarter. GAMMA Investing LLC now owns 1,138 shares of the company’s stock worth $153,000 after purchasing an additional 177 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in Sphere Entertainment by 13.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,607 shares of the company’s stock worth $350,000 after purchasing an additional 308 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

About Sphere Entertainment

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences and sports and entertainment programming. Its principal asset is Sphere, a next-generation venue in Las Vegas featuring a large exterior LED display, a high-resolution interior screen, advanced audio technology and immersive production capabilities.

Sphere presents concerts, residencies, films and other experiences, while its Sphere Studios business develops original content and technology for the venue and other immersive applications.