Sphere Entertainment (NYSE:SPHR) Issues Quarterly Earnings Results

Sphere Entertainment (NYSE:SPHR) issued its quarterly earnings data on Tuesday. The company reported ($2.95) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarterly revenue was up 93.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.90 earnings per share.

Sphere Entertainment Trading Down 2.6 %

SPHR stock traded down $1.08 during mid-day trading on Thursday, reaching $40.65. The company had a trading volume of 141,528 shares, compared to its average volume of 747,328. The company has a market capitalization of $1.44 billion, a PE ratio of -3.98 and a beta of 1.41. The firm has a 50 day moving average of $43.54 and a 200 day moving average of $41.39. Sphere Entertainment has a 12 month low of $27.02 and a 12 month high of $51.83. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SPHR. JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their price target for the company from $37.00 to $57.00 in a report on Friday, August 16th. Guggenheim increased their target price on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Bank of America dropped their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. 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. Finally, Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price for the company in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Sphere Entertainment has a consensus rating of “Hold” and an average 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.