Sphere Entertainment (NYSE:SPHR) Shares Up 3.1%

Sphere Entertainment Co. (NYSE:SPHR)’s stock price shot up 3.1% on Tuesday . The stock traded as high as $35.70 and last traded at $35.70. 40,752 shares were traded during trading, a decline of 94% from the average session volume of 706,840 shares. The stock had previously closed at $34.62.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SPHR. Seaport Res Ptn lowered Sphere Entertainment from a “buy” rating to a “neutral” rating in a research report on Monday, April 8th. Guggenheim dropped their target price on Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $36.20.

Sphere Entertainment Price Performance

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a 50-day simple moving average of $37.30 and a 200 day simple moving average of $38.93. The company has a market cap of $1.29 billion, a P/E ratio of 3.34 and a beta of 1.42.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Friday, May 10th. The company reported ($1.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.98). The business had revenue of $321.33 million for the quarter, compared to analyst estimates of $324.65 million. Sphere Entertainment had a net margin of 43.36% and a return on equity of 8.11%. The company’s revenue for the quarter was up 98.3% on a year-over-year basis. During the same period in the prior year, the business earned ($1.08) earnings per share. On average, equities analysts expect that Sphere Entertainment Co. will post -4.83 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its holdings in shares of Sphere Entertainment by 2.2% in the fourth quarter. Victory Capital Management Inc. now owns 20,851 shares of the company’s stock valued at $708,000 after purchasing an additional 457 shares in the last quarter. North Star Investment Management Corp. increased its position in Sphere Entertainment by 0.5% during the first quarter. North Star Investment Management Corp. now owns 125,620 shares of the company’s stock worth $6,165,000 after buying an additional 620 shares during the last quarter. Ancora Advisors LLC bought a new stake in shares of Sphere Entertainment during the third quarter worth approximately $25,000. Swiss National Bank boosted its holdings in shares of Sphere Entertainment by 1.6% during the first quarter. Swiss National Bank now owns 50,159 shares of the company’s stock worth $2,462,000 after acquiring an additional 800 shares during the period. Finally, Allegheny Financial Group LTD boosted its holdings in shares of Sphere Entertainment by 16.2% during the fourth quarter. Allegheny Financial Group LTD now owns 6,273 shares of the company’s stock worth $213,000 after acquiring an additional 875 shares during the period. 92.03% of the stock is currently owned by institutional investors.

About Sphere Entertainment

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.