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

Sphere Entertainment (NYSE:SPHR) announced its quarterly earnings data on Tuesday. The company reported ($2.95) earnings per share (EPS) for the quarter, topping the consensus estimate 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 16.26% and a negative net margin of 32.76%. The business’s revenue for the quarter 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 Performance

SPHR opened at $40.39 on Friday. The stock’s 50 day moving average price is $43.54 and its two-hundred day moving average price is $41.39. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22. Sphere Entertainment has a 12-month low of $27.02 and a 12-month high of $51.83.

Analysts Set New Price Targets

Several brokerages recently issued reports on SPHR. Guggenheim increased their price objective 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 objective for the company in a research note on Wednesday, October 2nd. Benchmark reaffirmed a “sell” rating and set a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $37.00 to $57.00 in a research note on Friday, August 16th. Finally, Bank of America cut their price target on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. One research 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. According to data from MarketBeat.com, Sphere Entertainment presently has a consensus rating of “Hold” and an average price target of $50.43.

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.