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

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

Sphere Entertainment Price Performance

Shares of NYSE:SPHR traded down $1.08 during mid-day trading on Thursday, reaching $40.65. The stock had a trading volume of 141,528 shares, compared to its average volume of 747,328. The business’s 50 day moving average price is $43.54 and its 200 day moving average price is $41.39. Sphere Entertainment has a 1 year low of $27.02 and a 1 year high of $51.83. The company has a market cap of $1.44 billion, a P/E ratio of -3.98 and a beta of 1.41. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22.

Analysts Set New Price Targets

Several brokerages have weighed in on SPHR. Bank of America lowered their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a report on Tuesday, September 17th. Guggenheim upped their target price on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Benchmark reiterated a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Macquarie lowered their price objective on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.43.

Sphere Entertainment Company Profile

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.