Sphere Entertainment (NYSE:SPHR) Posts Earnings Results, Beats Estimates By $0.47 EPS

Sphere Entertainment (NYSE:SPHR) issued its quarterly earnings results on Wednesday. The company reported ($2.00) earnings per share for the quarter, topping the consensus estimate of ($2.47) by $0.47, Briefing.com reports. The company had revenue of $273.40 million for the quarter, compared to analysts’ expectations of $271.28 million. Sphere Entertainment had a return on equity of 8.11% and a net margin of 43.36%. The firm’s revenue for the quarter was up 111.8% on a year-over-year basis. During the same period in the prior year, the firm earned $15.43 earnings per share.

Sphere Entertainment Stock Up 3.9 %

SPHR stock traded up $1.73 during midday trading on Thursday, hitting $46.28. The company’s stock had a trading volume of 699,484 shares, compared to its average volume of 698,852. The firm’s 50-day moving average is $39.23 and its 200-day moving average is $40.80. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21. Sphere Entertainment has a 12 month low of $27.02 and a 12 month high of $51.83. The company has a market cap of $1.63 billion, a PE ratio of 4.09 and a beta of 1.41.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SPHR. Morgan Stanley upped their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 11th. Guggenheim reduced their price objective on Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Finally, Benchmark initiated coverage on Sphere Entertainment in a report on Tuesday, July 23rd. They issued a “hold” rating on the stock. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $40.00.

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.