Sphere Entertainment (NYSE:SPHR) Shares Gap Up – Here’s What Happened

Sphere Entertainment Co. (NYSE:SPHR) shares gapped up prior to trading 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 changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Bank of America cut their price target on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Tuesday, September 17th. Guggenheim upped their price target on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Benchmark restated a “sell” rating and set a $40.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research report on Wednesday, October 2nd. Finally, Macquarie lifted their price target on Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Sphere Entertainment currently has an average rating of “Hold” and an average target price of $50.71.

Sphere Entertainment Trading Up 2.8 %

The firm has a 50 day moving average of $44.10 and a 200-day moving average of $41.23. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $1.67 billion, a P/E ratio of 4.22 and a beta of 1.41.

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

Institutional Trading of Sphere Entertainment

Several large investors have recently made changes to their positions in the company. Blue Trust Inc. bought a new stake in shares of Sphere Entertainment during the 2nd quarter worth $27,000. Summit Securities Group LLC acquired a new stake in shares of Sphere Entertainment in the 2nd quarter valued at approximately $54,000. 1832 Asset Management L.P. bought a new stake in shares of Sphere Entertainment during the 1st quarter valued at approximately $85,000. Quent Capital LLC increased its position 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 in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Sphere Entertainment by 36.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,357 shares of the company’s stock valued at $188,000 after purchasing an additional 1,425 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Company Profile

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.