Sphere Entertainment (NYSE:SPHR) Shares Gap Up - Time to Buy?

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $45.99, but opened at $47.10. Sphere Entertainment shares last traded at $45.22, with a volume of 517,626 shares trading hands.

Analysts Set New Price Targets

A number of analysts recently weighed in on SPHR shares. Guggenheim upped their price objective on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th. Morgan Stanley increased their price objective on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an "equal weight" rating in a research note on Thursday, July 11th. Wolfe Research raised shares of Sphere Entertainment from a "peer perform" rating to an "outperform" rating and set a $60.00 price objective on the stock in a report on Wednesday, October 2nd. Macquarie upped their target price on Sphere Entertainment from $38.00 to $47.00 and gave the stock a "neutral" rating in a report on Friday, August 16th. Finally, JPMorgan Chase & Co. upgraded Sphere Entertainment from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $37.00 to $57.00 in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $50.71.

Sphere Entertainment Stock Up 6.5 %

The company has a 50-day moving average of $44.10 and a 200-day moving average of $41.23. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of 4.34 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, beating the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The firm had revenue of $273.40 million during the quarter, compared to analyst estimates of $271.28 million. During the same period last year, the firm posted $15.43 EPS. Sphere Entertainment's revenue was up 111.8% on a year-over-year basis. On average, equities analysts predict that Sphere Entertainment Co. will post -9.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Sphere Entertainment by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 2,789,782 shares of the company's stock valued at $94,741,000 after acquiring an additional 100,311 shares during the last quarter. O Keefe Stevens Advisory Inc. boosted its holdings in Sphere Entertainment by 1.5% in the first quarter. O Keefe Stevens Advisory Inc. now owns 166,701 shares of the company's stock valued at $8,182,000 after purchasing an additional 2,383 shares during the last quarter. Radnor Capital Management LLC grew its position in Sphere Entertainment by 4.2% during the 1st quarter. Radnor Capital Management LLC now owns 22,845 shares of the company's stock worth $1,121,000 after purchasing an additional 925 shares during the period. Cannon Global Investment Management LLC purchased a new position in shares of Sphere Entertainment during the 1st quarter valued at about $290,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Sphere Entertainment during the 1st quarter valued at about $255,000. 92.03% of the stock is owned by institutional investors and hedge funds.

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.