Sphere Entertainment (NYSE:SPHR) Announces Earnings Results, Misses Expectations By $0.98 EPS

Sphere Entertainment (NYSE:SPHRGet Free Report) issued its quarterly earnings results on Friday. The company reported ($1.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.98), Briefing.com reports. The business had revenue of $321.33 million for the quarter, compared to the consensus estimate of $324.65 million. Sphere Entertainment had a return on equity of 8.01% and a net margin of 43.36%. The business’s revenue was up 98.3% compared to the same quarter last year. During the same quarter last year, the business posted ($1.08) earnings per share.

Sphere Entertainment Price Performance

Shares of NYSE SPHR opened at $39.26 on Monday. The stock has a market cap of $1.38 billion, a PE ratio of 3.61 and a beta of 1.46. Sphere Entertainment has a fifty-two week low of $20.68 and a fifty-two week high of $51.83. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a fifty day moving average of $44.32 and a 200-day moving average of $38.39.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SPHR shares. Bank of America started coverage on Sphere Entertainment in a research note on Wednesday, February 7th. They issued a “neutral” rating and a $43.00 target price on the stock. Wolfe Research started coverage on Sphere Entertainment in a research note on Wednesday, January 17th. They issued a “peer perform” rating on the stock. Seaport Res Ptn lowered Sphere Entertainment from a “buy” rating to a “neutral” rating in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. boosted their target price on Sphere Entertainment from $33.00 to $37.00 and gave the company a “neutral” rating in a research note on Tuesday, February 6th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Sphere Entertainment currently has an average rating of “Hold” and a consensus target price of $35.60.

Check Out Our Latest Stock Analysis on SPHR

Insider Activity

In related news, CEO James Lawrence Dolan purchased 59,374 shares of Sphere Entertainment stock in a transaction dated Monday, February 26th. The stock was bought at an average cost of $41.11 per share, for a total transaction of $2,440,865.14. Following the completion of the transaction, the chief executive officer now owns 443,900 shares in the company, valued at $18,248,729. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Andrea Greenberg sold 12,131 shares of the business’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $51.00, for a total transaction of $618,681.00. Following the completion of the transaction, the chief executive officer now directly owns 76,650 shares in the company, valued at $3,909,150. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO James Lawrence Dolan bought 59,374 shares of Sphere Entertainment stock in a transaction that occurred on Monday, February 26th. The shares were acquired at an average price of $41.11 per share, with a total value of $2,440,865.14. Following the completion of the transaction, the chief executive officer now owns 443,900 shares of the company’s stock, valued at $18,248,729. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 245,669 shares of company stock worth $10,706,120. 24.46% of the stock is owned by corporate insiders.

Sphere Entertainment Company Profile

(Get Free Report)

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.

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Earnings History for Sphere Entertainment (NYSE:SPHR)

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