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

Sphere Entertainment (NYSE:SPHR) issued 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. The firm had revenue of $227.90 million during the quarter, compared to the consensus estimate of $229.86 million. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The firm’s revenue was up 93.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.90 EPS.

Sphere Entertainment Stock Up 0.6 %

Sphere Entertainment stock traded up $0.26 during mid-day trading on Wednesday, hitting $41.22. The company’s stock had a trading volume of 37,982 shares, compared to its average volume of 745,881. The firm’s 50 day moving average is $43.59 and its 200 day moving average is $41.38. The company has a market cap of $1.46 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. Sphere Entertainment has a 52-week low of $27.02 and a 52-week high of $51.83.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SPHR. JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $37.00 to $57.00 in a research note on Friday, August 16th. Macquarie restated a “neutral” rating and set a $47.00 price objective on shares of Sphere Entertainment in a research note on Wednesday, October 23rd. Guggenheim increased 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. Wolfe Research raised 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. Finally, Benchmark reissued a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently 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.