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

Sphere Entertainment (NYSE:SPHR - Get Free Report) released its earnings results on Friday. The company reported ($1.33) earnings per share (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 during the quarter, compared to the consensus estimate of $324.65 million. Sphere Entertainment had a net margin of 40.36% and a return on equity of 8.91%. The business's revenue was up 98.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.08) EPS.

Sphere Entertainment Stock Down 4.8 %

NYSE:SPHR traded down $2.00 during trading hours on Friday, reaching $39.26. The company had a trading volume of 2,275,158 shares, compared to its average volume of 706,806. The business's 50-day simple moving average is $44.32 and its two-hundred day simple moving average is $38.36. Sphere Entertainment has a twelve month low of $20.68 and a twelve month high of $51.83. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of 3.71 and a beta of 1.46. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.21.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Bank of America initiated coverage on shares of Sphere Entertainment in a research note on Wednesday, February 7th. They set a "neutral" rating and a $43.00 target price on the stock. JPMorgan Chase & Co. upped their price objective on Sphere Entertainment from $33.00 to $37.00 and gave the company a "neutral" rating in a research note on Tuesday, February 6th. Wolfe Research began coverage on shares of Sphere Entertainment in a report on Wednesday, January 17th. They set a "peer perform" rating on the stock. Finally, Seaport Res Ptn cut shares of Sphere Entertainment from a "buy" rating to a "neutral" rating in a research note on Monday, April 8th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $35.60.

Insider Transactions at Sphere Entertainment

In other news, CEO James Lawrence Dolan acquired 76,139 shares of the firm's stock in a transaction dated Wednesday, February 28th. The stock was purchased at an average price of $40.73 per share, for a total transaction of $3,101,141.47. Following the completion of the acquisition, the chief executive officer now directly owns 520,039 shares in the company, valued at approximately $21,181,188.47. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other Sphere Entertainment news, CEO Andrea Greenberg sold 12,131 shares of the business's stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 76,650 shares of the company's stock, valued at approximately $3,909,150. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Lawrence Dolan bought 76,139 shares of the company's stock in a transaction dated Wednesday, February 28th. The stock was bought at an average price of $40.73 per share, for a total transaction of $3,101,141.47. Following the acquisition, the chief executive officer now directly 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 245,669 shares of company stock valued at $10,706,120 in the last 90 days. 24.46% of the stock is currently owned by corporate insiders.

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.