Sphere Entertainment (NYSE:SPHR) Stock Price Up 5.7% - Here's What Happened

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s share price rose 5.7% during mid-day trading on Monday . The company traded as high as $47.27 and last traded at $47.00. Approximately 779,571 shares traded hands during trading, an increase of 7% from the average daily volume of 729,010 shares. The stock had previously closed at $44.48.

Wall Street Analysts Forecast Growth

SPHR has been the topic of a number of recent analyst reports. Wolfe Research upgraded shares of Sphere Entertainment from a "peer perform" rating to an "outperform" rating and set a $60.00 price target on the stock in a research note on Wednesday, October 2nd. Morgan Stanley increased their price objective on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 11th. Bank of America cut their price objective on shares of Sphere Entertainment from $45.00 to $43.00 and set a "neutral" rating on the stock in a research note on Tuesday, September 17th. Benchmark reiterated a "sell" rating and issued a $40.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Finally, Macquarie increased their price objective on shares of Sphere Entertainment from $38.00 to $47.00 and gave the stock a "neutral" rating in a research note on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $50.71.

Sphere Entertainment Price Performance

The stock's fifty day moving average is $44.10 and its 200-day moving average is $41.23. The stock has a market capitalization of $1.62 billion, a PE ratio of 4.22 and a beta of 1.41. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $271.28 million. During the same period in the prior year, the firm posted $15.43 earnings per share. The firm's quarterly revenue was up 111.8% compared to the same quarter last year. As a group, equities analysts predict that Sphere Entertainment Co. will post -9.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sphere Entertainment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. purchased a new position in Sphere Entertainment during the second quarter valued at $27,000. Summit Securities Group LLC acquired a new stake in shares of Sphere Entertainment in the second quarter valued at about $54,000. 1832 Asset Management L.P. acquired a new stake in shares of Sphere Entertainment in the first quarter valued at about $85,000. Quent Capital LLC raised its position in shares of Sphere Entertainment by 7,717.6% in the first quarter. Quent Capital LLC now owns 2,658 shares of the company's stock valued at $130,000 after buying an additional 2,624 shares during the last quarter. Finally, QRG Capital Management Inc. acquired a new stake in shares of Sphere Entertainment in the first quarter valued at about $203,000. 92.03% of the stock is owned by hedge funds and other 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.