Sphere Entertainment (NYSE:SPHR) Trading Up 4.5% - Should You Buy?

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s stock price traded up 4.5% during mid-day trading on Monday . The company traded as high as $39.81 and last traded at $39.78. 218,308 shares were traded 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 several research reports. Guggenheim increased their price objective on Sphere Entertainment from $58.00 to $63.00 and gave the company a "buy" rating in a research note on Thursday, September 19th. Macquarie reduced their target price on shares of Sphere Entertainment from $47.00 to $45.00 and set a "neutral" rating for the company in a research report on Wednesday, November 13th. 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 report on Wednesday, October 2nd. Bank of America cut their price objective on shares of Sphere Entertainment from $45.00 to $43.00 and set a "neutral" rating for the company in a report on Tuesday, September 17th. Finally, Benchmark restated a "sell" rating and set a $40.00 target price on shares of Sphere Entertainment in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $50.43.

Sphere Entertainment Stock Up 5.4 %

The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -3.82 and a beta of 1.38. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The firm's fifty day simple moving average is $40.66 and its two-hundred day simple moving average is $41.77.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($2.95) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.32) by $0.37. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The firm had revenue of $227.90 million during the quarter, compared to the consensus estimate of $229.86 million. During the same period last year, the company earned $1.90 EPS. The company's quarterly revenue was up 93.1% on a year-over-year basis. Sell-side analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Hedge Funds Weigh In On Sphere Entertainment

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