Sphere stock shares surge after Dead & Company residency success

The price of Sphere Entertainment Co. stock has been on a roll this month, soaring near the 52-week high of $51.83 a share on Friday after closing in the high $30s range early last week.

It was that Wednesday morning that the company that owns and operates the Sphere in Las Vegas announced fourth-quarter earnings that surpassed analysts’ expectations but still showed a quarterly net loss of $46.6 million for the period that ended June 30.

Investors were buoyed by news that Dead &Company completed a 30-show run, that the next big act coming to the 17,500-seat performance venue, the Eagles, have extended their residency to 20 shows and that Anyma, “The End Of Genesys,” will have six shows leading up to New Year’s Day.

Investors also appear receptive to news that the Sphere Experience, featuring the film “Postcard from Earth,” generated about $1 million a day in revenue during the quarter, that in June, Sphere hosted its first corporate keynote event with Hewlett Packard Enterprise, as well as the NHL Draft, which was the first live television event broadcast from Sphere. Also, the venue will host its first large sporting event, UFC 306, in September.

Sphere Entertainment includes financial dealings of the Sphere as well as MSG Networks, which broadcast New York Knicks NBA basketball, and New York Rangers and New York Islanders NHL hockey regular season and post-season games.

As of June 30, MSG Networks had approximately $849.8 million of principal debt outstanding under its credit facilities, which mature on Oct. 11. The company had been in discussions with MSG Networks’ existing syndicate of lenders regarding a potential refinancing.

Sphere Entertainment had a closing share price of $38.25 on Aug. 5. On Aug. 13-16, it had its highest volume of trading with more than 1.6 million shares changing hands on Friday and a closing price of $49.22.

In Monday activity on the New York Stock Exchange, shares closed at $49.52 a share, up 30 cents, or 0.6 percent from Monday’s open. After-hours transactions are trending up 43 cents, 0.9 percent, to $49.95 a share.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.