Sphere Entertainment (NYSE:SPHR) Hits New 1-Year High After Strong Earnings

Sphere Entertainment Co. (NYSE:SPHR)’s stock price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $106.50 and last traded at $113.07, with a volume of 57393 shares traded. The stock had previously closed at $94.80.

The company reported $1.23 EPS for the quarter, beating the consensus estimate of ($0.12) by $1.35. The business had revenue of $394.28 million for the quarter, compared to the consensus estimate of $377.60 million. Sphere Entertainment had a negative return on equity of 17.20% and a negative net margin of 13.87%.The company’s revenue was up 27.9% on a year-over-year basis. During the same period last year, the business posted ($3.49) EPS.

Wall Street Analyst Weigh In

SPHR has been the subject of a number of analyst reports. Seaport Research Partners upgraded Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Sphere Entertainment in a research note on Wednesday, January 21st. The Goldman Sachs Group reiterated a “buy” rating and issued a $98.00 price target on shares of Sphere Entertainment in a research note on Tuesday, January 6th. New Street Research set a $110.00 price objective on Sphere Entertainment in a research note on Thursday, January 15th. Finally, BTIG Research upgraded Sphere Entertainment from a “neutral” rating to a “buy” rating and set a $110.00 target price for the company in a research report on Thursday, January 22nd. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $94.38.

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quent Capital LLC bought a new position in Sphere Entertainment during the third quarter valued at about $30,000. CWM LLC raised 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 buying an additional 659 shares during the period. ORG Partners LLC raised its holdings in shares of 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 during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Sphere Entertainment during the 4th quarter worth approximately $48,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of Sphere Entertainment in the fourth quarter valued at $52,000. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Up 16.4%

The stock has a market capitalization of $3.90 billion, a price-to-earnings ratio of -21.55 and a beta of 1.68. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average of $93.01 and a two-hundred day moving average of $71.14.

Sphere Entertainment Company Profile

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.