Sphere Entertainment (NYSE:SPHR) Shares Gap Up – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR)’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.

Wall Street Analyst Weigh In

SPHR has been the topic of a number of research reports. Morgan Stanley increased their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 11th. Bank of America dropped 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 report on Tuesday, September 17th. Guggenheim increased their price objective on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. JPMorgan Chase & Co. raised shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $37.00 to $57.00 in a research report on Friday, August 16th. Finally, Macquarie increased their price objective on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. One investment 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, the stock presently has an average rating of “Hold” and an average price target of $50.71.

Sphere Entertainment Price Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63. The stock’s 50-day moving average is $44.45 and its 200 day moving average is $41.27. The stock has a market capitalization of $1.68 billion, a PE ratio of 4.38 and a beta of 1.41.

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

Institutional Trading of Sphere Entertainment

A number of large investors have recently bought and sold shares of SPHR. Blue Trust Inc. acquired a new stake in Sphere Entertainment during the 2nd quarter worth $27,000. Summit Securities Group LLC acquired a new stake in Sphere Entertainment during the 2nd quarter worth $54,000. 1832 Asset Management L.P. acquired a new stake in Sphere Entertainment during the 1st quarter worth $85,000. Quent Capital LLC boosted its stake in Sphere Entertainment by 7,717.6% during the 1st quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock worth $130,000 after purchasing an additional 2,624 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Sphere Entertainment by 36.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,357 shares of the company’s stock worth $188,000 after purchasing an additional 1,425 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.