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

Sphere Entertainment (NYSE:SPHR) posted its quarterly earnings results on Tuesday. The company reported ($2.95) EPS for the quarter, beating the consensus estimate of ($3.32) by $0.37, Briefing.com reports. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The business had revenue of $227.90 million during the quarter, compared to analysts’ expectations of $229.86 million. During the same period last year, the firm earned $1.90 EPS. The company’s quarterly revenue was up 93.1% compared to the same quarter last year.

Sphere Entertainment Price Performance

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

Wall Street Analysts Forecast Growth

SPHR has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their target price for the company from $37.00 to $57.00 in a report on Friday, August 16th. Macquarie reiterated a “neutral” rating and issued a $47.00 price objective on shares of Sphere Entertainment in a research note on Wednesday, October 23rd. Benchmark restated a “sell” rating and set a $40.00 target price on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Guggenheim lifted their price target on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $50.71.

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.