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

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

Sphere Entertainment Stock Up 3.9 %

Shares of Sphere Entertainment stock traded up $1.73 during trading on Thursday, hitting $46.28. 699,484 shares of the stock traded hands, compared to its average volume of 698,852. The stock has a market cap of $1.63 billion, a P/E ratio of 4.09 and a beta of 1.41. The company has a fifty day moving average price of $39.23 and a two-hundred day moving average price of $40.80. Sphere Entertainment has a twelve month low of $27.02 and a twelve month high of $51.83. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.65 and a current ratio of 0.65.

Analyst Ratings Changes

A number of brokerages have weighed in on SPHR. Guggenheim cut their price target on shares of Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Morgan Stanley increased their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, July 11th. Finally, Benchmark began coverage on shares of Sphere Entertainment in a report on Tuesday, July 23rd. They set a “hold” rating for the company. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $40.00.

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.