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

Sphere Entertainment Co. (NYSE:SPHR)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $85.69 and last traded at $85.87, with a volume of 129407 shares traded. The stock had previously closed at $84.10.

Analysts Set New Price Targets

Several research firms have weighed in on SPHR. BTIG Research assumed coverage on Sphere Entertainment in a research report on Monday, October 6th. They issued a “neutral” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Sphere Entertainment in a report on Wednesday, October 8th. JPMorgan Chase & Co. increased their price target on shares of Sphere Entertainment from $80.00 to $91.00 and gave the company an “overweight” rating in a research report on Thursday, December 4th. Morgan Stanley lifted their price objective on shares of Sphere Entertainment from $40.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Monday, November 3rd. Finally, Guggenheim increased their target price on shares of Sphere Entertainment from $78.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Five investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $65.25.

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’s 50-day moving average price is $72.17 and its 200-day moving average price is $54.50.

Institutional Trading of Sphere Entertainment

Institutional investors have recently added to or reduced their stakes in the stock. Quent Capital LLC purchased a new position in Sphere Entertainment during the 3rd quarter valued at about $30,000. ORG Partners LLC grew its stake in Sphere Entertainment by 80.1% during the third quarter. ORG Partners LLC now owns 661 shares of the company’s stock valued at $41,000 after acquiring an additional 294 shares in the last quarter. CWM LLC increased its holdings in Sphere Entertainment by 915.3% during the 2nd quarter. CWM LLC now owns 731 shares of the company’s stock worth $31,000 after acquiring an additional 659 shares during the period. GAMMA Investing LLC lifted its stake in Sphere Entertainment by 95.3% in the 2nd quarter. GAMMA Investing LLC now owns 744 shares of the company’s stock worth $31,000 after purchasing an additional 363 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Sphere Entertainment by 576.6% in the 3rd quarter. NewEdge Advisors LLC now owns 927 shares of the company’s stock valued at $58,000 after purchasing an additional 790 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Company Profile

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.