Sphere Entertainment (NYSE:SPHR) Trading Up 4.5% – Time to Buy?

Sphere Entertainment Co. (NYSE:SPHR) shares shot up 4.5% during trading on Monday . The company traded as high as $39.81 and last traded at $39.78. 218,308 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 746,244 shares. The stock had previously closed at $38.08.

Wall Street Analyst Weigh In

SPHR has been the subject of a number of analyst reports. Macquarie decreased their price target on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. Benchmark restated a “sell” rating and set a $40.00 price target on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Wolfe Research upgraded shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a research report on Wednesday, October 2nd. Bank of America dropped their target price on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 17th. Finally, Guggenheim increased their price target on Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Sphere Entertainment has an average rating of “Hold” and an average price target of $50.43.

Sphere Entertainment Stock Up 4.7 %

The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The business has a fifty day simple moving average of $40.77 and a 200 day simple moving average of $41.73. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of -3.80 and a beta of 1.38.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, beating analysts’ consensus estimates of ($3.32) by $0.37. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The business had revenue of $227.90 million during the quarter, compared to analysts’ expectations of $229.86 million. During the same period in the prior year, the business earned $1.90 earnings per share. The company’s quarterly revenue was up 93.1% compared to the same quarter last year. As a group, equities analysts forecast that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

A number of institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. lifted its holdings in Sphere Entertainment by 1.2% in the third quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock valued at $991,000 after acquiring an additional 271 shares during the last quarter. Covestor Ltd raised its position in Sphere Entertainment by 3.5% in the third quarter. Covestor Ltd now owns 9,077 shares of the company’s stock valued at $401,000 after purchasing an additional 305 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Sphere Entertainment by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,177 shares of the company’s stock worth $462,000 after purchasing an additional 359 shares during the period. Quent Capital LLC boosted its holdings in Sphere Entertainment by 15.5% during the 3rd quarter. Quent Capital LLC now owns 4,658 shares of the company’s stock valued at $206,000 after acquiring an additional 624 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Sphere Entertainment by 46.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company’s stock worth $111,000 after purchasing an additional 810 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

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.