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

Sphere Entertainment (NYSE:SPHR) announced its earnings results on Tuesday. The company reported ($2.95) earnings per share (EPS) for the quarter, topping 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 analyst estimates of $229.86 million. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. Sphere Entertainment’s revenue was up 93.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.90 earnings per share.

Sphere Entertainment Stock Up 1.9 %

NYSE SPHR traded up $0.79 on Wednesday, reaching $41.75. The company had a trading volume of 176,235 shares, compared to its average volume of 746,341. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63. Sphere Entertainment has a 1 year low of $27.02 and a 1 year high of $51.83. The firm has a 50-day moving average of $43.59 and a 200-day moving average of $41.38. The firm has a market capitalization of $1.48 billion, a PE ratio of -7.28 and a beta of 1.41.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SPHR shares. Bank of America decreased their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a report on Tuesday, September 17th. Guggenheim raised their price target on Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $37.00 to $57.00 in a report on Friday, August 16th. Macquarie reissued a “neutral” rating and set a $47.00 price objective on shares of Sphere Entertainment in a research note on Wednesday, October 23rd. Finally, Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target for the company in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $50.71.

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.