Sphere Entertainment (NYSE:SPHR) Shares Up 3.1%

Sphere Entertainment Co. (NYSE:SPHR) shares shot up 3.1% during mid-day trading on Tuesday . The company traded as high as $35.70 and last traded at $35.70. 40,752 shares traded hands during trading, a decline of 94% from the average session volume of 706,840 shares. The stock had previously closed at $34.62.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SPHR. Seaport Res Ptn lowered shares of Sphere Entertainment from a “buy” rating to a “neutral” rating in a research report on Monday, April 8th. Guggenheim lowered their target price on shares of Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $36.20.

Sphere Entertainment Trading Up 3.5 %

The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of 3.43 and a beta of 1.41. The company has a fifty day moving average of $37.04 and a two-hundred day moving average of $38.97. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.21.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Friday, May 10th. The company reported ($1.33) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.98). The company had revenue of $321.33 million for the quarter, compared to analysts’ expectations of $324.65 million. Sphere Entertainment had a return on equity of 8.11% and a net margin of 43.36%. Sphere Entertainment’s revenue for the quarter was up 98.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.08) earnings per share. On average, research analysts expect that Sphere Entertainment Co. will post -4.83 EPS for the current year.

Institutional Investors Weigh In On Sphere Entertainment

Institutional investors have recently made changes to their positions in the stock. National Bank of Canada FI purchased a new stake in shares of Sphere Entertainment during the 4th quarter worth $46,000. Citigroup Inc. purchased a new stake in shares of Sphere Entertainment during the 3rd quarter worth $59,000. Quest Partners LLC purchased a new stake in shares of Sphere Entertainment in the 4th quarter worth about $61,000. 1832 Asset Management L.P. purchased a new stake in shares of Sphere Entertainment in the 1st quarter worth about $85,000. Finally, Quent Capital LLC boosted its position in shares of Sphere Entertainment by 7,717.6% in the 1st quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock worth $130,000 after buying an additional 2,624 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.