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

Sphere Entertainment (NYSE:SPHR - Get Free Report) released its quarterly earnings data 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 net margin of 32.76% and a negative return on equity of 16.26%. The business had revenue of $227.90 million during the quarter, compared to the consensus estimate of $229.86 million. During the same quarter in the prior year, the firm earned $1.90 EPS. The business's revenue was up 93.1% on a year-over-year basis.

Sphere Entertainment Stock Up 1.9 %

Shares of SPHR traded up $0.78 during trading hours on Wednesday, hitting $41.74. The company had a trading volume of 962,150 shares, compared to its average volume of 750,082. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $1.48 billion, a PE ratio of -4.02 and a beta of 1.41. Sphere Entertainment has a one year low of $27.02 and a one year high of $51.83. The company's fifty day moving average price is $43.59 and its two-hundred day moving average price is $41.38.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Guggenheim increased their price objective on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a "buy" rating in a research report on Thursday, September 19th. Wolfe Research raised shares of Sphere Entertainment from a "peer perform" rating to an "outperform" rating and set a $60.00 price objective on the stock in a research report on Wednesday, October 2nd. Macquarie reduced their price objective on shares of Sphere Entertainment from $47.00 to $45.00 and set a "neutral" rating on the stock in a research report on Wednesday. Bank of America reduced their price objective on shares of Sphere Entertainment from $45.00 to $43.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. raised 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 research report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price 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.