Sphere Entertainment (NYSE:SPHR) Announces Quarterly Earnings Results, Beats Expectations By $0.25 EPS

Sphere Entertainment (NYSE:SPHR) announced its earnings results on Tuesday. The company reported ($1.37) EPS for the quarter, beating analysts’ consensus estimates of ($1.62) by $0.25, Zacks reports. Sphere Entertainment had a negative net margin of 13.87% and a negative return on equity of 17.01%. The business had revenue of $262.51 million during the quarter, compared to analysts’ expectations of $259.34 million.

Sphere Entertainment Stock Down 1.6%

Shares of NYSE:SPHR traded down $1.15 during mid-day trading on Thursday, hitting $72.28. 194,840 shares of the company traded hands, compared to its average volume of 906,440. Sphere Entertainment has a 52-week low of $23.89 and a 52-week high of $74.18. The firm has a market cap of $2.59 billion, a P/E ratio of -13.88 and a beta of 1.79. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.13. The firm’s 50 day simple moving average is $59.82 and its 200 day simple moving average is $46.09.

Analysts Set New Price Targets

SPHR has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price objective on Sphere Entertainment from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday. Benchmark upped their price objective on Sphere Entertainment from $35.00 to $45.00 and gave the company a “sell” rating in a research note on Wednesday. Guggenheim upped their price target on Sphere Entertainment from $78.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Sphere Entertainment in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Sphere Entertainment from a “sell” rating to a “hold” rating in a report on Saturday, July 12th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $63.88.

Institutional Trading of Sphere Entertainment

Institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its position in Sphere Entertainment by 5.5% in the 1st quarter. Royal Bank of Canada now owns 150,614 shares of the company’s stock worth $4,928,000 after purchasing an additional 7,891 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Sphere Entertainment by 5.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,270 shares of the company’s stock worth $532,000 after buying an additional 831 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Sphere Entertainment by 132.0% in the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after purchasing an additional 357,794 shares in the last quarter. Legal & General Group Plc boosted its stake in Sphere Entertainment by 11.2% during the second quarter. Legal & General Group Plc now owns 30,752 shares of the company’s stock valued at $1,285,000 after buying an additional 3,103 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Sphere Entertainment during the 2nd quarter valued at about $551,000. Institutional investors own 92.03% of the company’s stock.

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.