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) EPS for the quarter, beating the consensus estimate of ($3.32) by $0.37, Briefing.com reports. The business had revenue of $227.90 million for 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 company’s revenue was up 93.1% on a year-over-year basis. During the same period last year, the business posted $1.90 EPS.

Sphere Entertainment Trading Down 3.2 %

NYSE:SPHR opened at $40.39 on Friday. Sphere Entertainment has a 1 year low of $27.02 and a 1 year high of $51.83. The business has a fifty day moving average of $43.54 and a 200-day moving average of $41.39. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Macquarie dropped their target price on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday. Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a report on Wednesday, October 2nd. Guggenheim lifted their price objective on Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Bank of America dropped 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. Finally, JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $37.00 to $57.00 in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $50.43.

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.