Sphere Entertainment (NYSE:SPHR) Shares Climb 9.4% – Still a Buy?

by · The Markets Daily

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

Analyst Ratings Changes

SPHR has been the subject of a number of recent analyst reports. Weiss Ratings cut Sphere Entertainment from a “hold (c)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. The Goldman Sachs Group increased their price target on Sphere Entertainment from $150.00 to $189.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. Piper Sandler started coverage on Sphere Entertainment in a report on Thursday, August 20th. They set an “overweight” rating and a $185.00 price target for the company. JPMorgan Chase & Co. reduced their price objective on shares of Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. Finally, Craig Hallum downgraded shares of Sphere Entertainment from a “buy” rating to a “hold” rating and set a $132.00 price objective on the stock. in a report on Monday, October 5th. Eleven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Sphere Entertainment has a consensus rating of “Moderate Buy” and an average target price of $166.53.

Read Our Latest Stock Analysis on Sphere Entertainment

Sphere Entertainment Stock Performance

The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.22 and a current ratio of 1.22. The company has a fifty day moving average of $138.41 and a two-hundred day moving average of $140.89. The firm has a market capitalization of $4.04 billion, a price-to-earnings ratio of -42.04 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR – Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) earnings per share for the quarter, topping the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%. The firm had revenue of $313.64 million for the quarter, compared to analysts’ expectations of $307.44 million. During the same quarter last year, the business earned $3.39 EPS. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, equities research analysts predict that Sphere Entertainment Co. will post -2.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the business. Kercheville Advisors LLC bought a new stake in shares of Sphere Entertainment in the third quarter valued at approximately $336,000. Assenagon Asset Management S.A. increased its position in shares of Sphere Entertainment by 114.2% in the third quarter. Assenagon Asset Management S.A. now owns 871,484 shares of the company’s stock worth $117,162,000 after purchasing an additional 464,609 shares during the period. GAMMA Investing LLC raised its stake in Sphere Entertainment by 18.4% in the third quarter. GAMMA Investing LLC now owns 1,138 shares of the company’s stock valued at $153,000 after purchasing an additional 177 shares in the last quarter. Farther Finance Advisors LLC lifted its position in Sphere Entertainment by 13.4% during the third quarter. Farther Finance Advisors LLC now owns 2,607 shares of the company’s stock worth $350,000 after purchasing an additional 308 shares during the period. Finally, Artemis Investment Management LLP lifted its position in Sphere Entertainment by 118.9% during the third quarter. Artemis Investment Management LLP now owns 447,982 shares of the company’s stock worth $60,227,000 after purchasing an additional 243,376 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

About Sphere Entertainment

(Get Free Report)

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.

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