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

Sphere Entertainment (NYSE:SPHR) announced its quarterly earnings data on Tuesday. The company reported ($2.95) EPS for the quarter, topping analysts’ consensus estimates of ($3.32) by $0.37, Briefing.com reports. Sphere Entertainment had a negative return on equity of 16.26% and a negative net margin of 32.76%. The business had revenue of $227.90 million during the quarter, compared to analysts’ expectations of $229.86 million. During the same period in the previous year, the firm earned $1.90 earnings per share. The firm’s quarterly revenue was up 93.1% compared to the same quarter last year.

Sphere Entertainment Stock Performance

SPHR opened at $41.74 on Thursday. Sphere Entertainment has a 52-week low of $27.02 and a 52-week high of $51.83. The firm has a market capitalization of $1.48 billion, a PE ratio of -4.02 and a beta of 1.41. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63. The business’s 50-day simple moving average is $43.59 and its 200 day simple moving average is $41.38.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SPHR. Bank of America decreased their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. Macquarie decreased their target price on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $37.00 to $57.00 in a research note on Friday, August 16th. Benchmark reissued a “sell” rating and issued a $40.00 target price on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Finally, Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price for the company in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $50.43.

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.