Sphere Entertainment (NYSE:SPHR) Releases Earnings Results, Misses Estimates By $0.98 EPS

Sphere Entertainment (NYSE:SPHRGet Free Report) issued its quarterly earnings data on Friday. The company reported ($1.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.98), Briefing.com reports. The business had revenue of $321.33 million for the quarter, compared to analysts’ expectations of $324.65 million. Sphere Entertainment had a net margin of 40.36% and a return on equity of 8.91%. The business’s quarterly revenue was up 98.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.08) earnings per share.

Sphere Entertainment Stock Down 4.8 %

NYSE SPHR traded down $2.00 during trading on Friday, hitting $39.26. The company’s stock had a trading volume of 2,275,158 shares, compared to its average volume of 706,806. Sphere Entertainment has a fifty-two week low of $20.68 and a fifty-two week high of $51.83. The company has a market cap of $1.38 billion, a PE ratio of 3.71 and a beta of 1.46. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.63 and a quick ratio of 0.63. The business’s 50 day simple moving average is $44.42 and its 200-day simple moving average is $38.32.

Wall Street Analysts Forecast Growth

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

View Our Latest Research Report on Sphere Entertainment

Insider Activity

In related news, CEO James Lawrence Dolan acquired 76,139 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The stock was purchased at an average cost of $40.73 per share, with a total value of $3,101,141.47. Following the transaction, the chief executive officer now directly owns 520,039 shares of the company’s stock, valued at approximately $21,181,188.47. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Andrea Greenberg sold 12,131 shares of the stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $51.00, for a total value of $618,681.00. Following the transaction, the chief executive officer now directly owns 76,650 shares of the company’s stock, valued at $3,909,150. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Lawrence Dolan acquired 76,139 shares of Sphere Entertainment stock in a transaction dated Wednesday, February 28th. The stock was purchased at an average price of $40.73 per share, with a total value of $3,101,141.47. Following the completion of the purchase, the chief executive officer now owns 520,039 shares of the company’s stock, valued at $21,181,188.47. The disclosure for this purchase can be found here. Insiders have purchased a total of 245,669 shares of company stock worth $10,706,120 over the last 90 days. 24.46% of the stock is currently owned by corporate insiders.

About Sphere Entertainment

(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.

See Also

Earnings History for Sphere Entertainment (NYSE:SPHR)

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