Sphere Entertainment (NYSE:SPHR) Issues Earnings Results, Beats Expectations By $0.37 EPS

Sphere Entertainment (NYSE:SPHR) posted its quarterly earnings results on Tuesday. The company reported ($2.95) EPS for the quarter, beating the consensus estimate of ($3.32) by $0.37, Briefing.com reports. The company had revenue of $227.90 million during the quarter, compared to analysts’ expectations of $229.86 million. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The firm’s revenue was up 93.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.90 EPS.

Sphere Entertainment Stock Up 0.6 %

Shares of SPHR traded up $0.26 during trading on Wednesday, reaching $41.22. The company’s stock had a trading volume of 37,982 shares, compared to its average volume of 745,881. The company has a fifty day moving average of $43.59 and a two-hundred day moving average of $41.38. Sphere Entertainment has a twelve month low of $27.02 and a twelve month high of $51.83. The company has a market cap of $1.46 billion, a price-to-earnings ratio of -7.28 and a beta of 1.41. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22.

Wall Street Analysts Forecast Growth

Several research firms have commented on SPHR. Macquarie restated a “neutral” rating and issued a $47.00 price target on shares of Sphere Entertainment in a report on Wednesday, October 23rd. JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $37.00 to $57.00 in a research note on Friday, August 16th. Benchmark reaffirmed a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Bank of America reduced their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 17th. Finally, Guggenheim lifted their price objective on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $50.71.

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.