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/SPHR
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Sphere Entertainment Co

Sphere Entertainment Co

SPHR
$142.62USD↑+2.94%+4.08 today

MARKET CAP

5.1B

P/E (TTM)

104.9x

FWD P/E

—

DAY RANGE

$135 – $143

52W RANGE

$38
$175

AI Summary

Stalk
Sell NowMedium

SPHR is in a Stage 4 decline with active lower highs and lower lows, confirmed by support failure and a bearish pivot point pattern. The medium-term bias is firmly bearish, and short-term price action—rejection at declining EMAs—favors immediate selling. The long-term uptrend remains intact but does not negate the current downtrend. A momentum-focused strategy supports participation in the downside continuation.

  • ↑Q1 2026 revenue surged 70% YoY to $386.4M, driven by ‘Wizard of Oz’
  • ↑Nearly 3 million tickets sold for flagship production, reflecting strong demand
  • ↓P/E multiple of ~95.8x signals stretched valuation risk
Full analysis →

The case for & against

Bull & Bear analysis

Bullish

Sphere Entertainment Co. (NYSE: SPHR) is a leading venue operator specializing in transformative entertainment experiences through its proprietary Sphere venues, including its flagship venue in Las Vegas. The company is positioned within the immersive entertainment sector, riding on the wave of global demand for unique, experiential content and planning ambitious expansions into both domestic and international markets, including upcoming projects in Abu Dhabi and National Harbor.

Bull says

  • ↑Q1 2026 revenue surged 70% YoY to $386.4M, driven by ‘Wizard of Oz’
  • ↑Nearly 3 million tickets sold for flagship production, reflecting strong demand
  • ↑New 6,000-seat National Harbor venue slated to open within four years
  • ↑High free cash flow yield and active buybacks highlight capital efficiency
  • ↑Proprietary venue technology and strong institutional backing reinforce growth moat
  • ↑Positive price momentum underscores investor confidence in SPHR shares

Bear says

  • ↓P/E multiple of ~95.8x signals stretched valuation risk
  • ↓27.1% of float sold short, indicating significant bearish sentiment
  • ↓SG&A costs jumped to $106.6M in Q1, pressuring margins
  • ↓Heavy reliance on ‘Wizard of Oz’ IP risks revenue concentration
  • ↓Geopolitical tensions may delay Abu Dhabi expansion and inflate costs
  • ↓Low earnings yield and weak profitability factors suggest caution

Investment themes with SPHR

Streaming Services↑ +0.15%

Providers of video and audio streaming platforms

NFLX · DIS · SPOT
Most Shorted Stocks↑ +0.54%

Stocks with highest short interest

LITE · FSLY · SPHR
SA Strong Buy Stocks With Short Squeeze Potential↓ -0.67%

LITE · FSLY · SPHR

Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 05-08-2026neutral

Transcript signals

Bull points

  • For the March quarter, we generated total company revenues of $386.4 million and adjusted operating income of $110 million.
  • First quarter adjusted operating income for our Sphere segment was $74.3 million as compared to $13.1 million in the prior year quarter.
  • We identified a number of cost savings opportunities in 25 and brought SG&A costs meaningfully down versus the prior in that period.

Bear points

  • These year-over-year results reflect a decrease in advertising revenues and an approximately 16% decrease in subscribers.
  • we will likely continue to see quarter-over-quarter fluctuations, which will include mark-to-market impacts of these awards in light of our stock price performance.
  • we will likely continue to see quarter-over-quarter fluctuations, which will include mark-to-market impacts of these awards in light of our stock price performance.
Read full transcript analysis ›