Washington Trust Advisors Inc. Lowers Holdings in Sphere Entertainment Co. $SPHR

Washington Trust Advisors Inc. trimmed its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 14.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 77,758 shares of the company’s stock after selling 12,686 shares during the period. Sphere Entertainment comprises 1.0% of Washington Trust Advisors Inc.’s holdings, making the stock its 25th largest position. Washington Trust Advisors Inc. owned approximately 0.22% of Sphere Entertainment worth $13,454,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of SPHR. Odyssean LLC raised its position in Sphere Entertainment by 3.8% during the second quarter. Odyssean LLC now owns 11,706 shares of the company’s stock valued at $2,025,000 after acquiring an additional 426 shares in the last quarter. TD Waterhouse Canada Inc. boosted its position in Sphere Entertainment by 31,980.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 19,248 shares of the company’s stock worth $3,467,000 after purchasing an additional 19,188 shares in the last quarter. Nykredit A S acquired a new stake in shares of Sphere Entertainment during the 2nd quarter worth approximately $79,000. BTG Pactual Asset Management US LLC acquired a new stake in shares of Sphere Entertainment during the 2nd quarter worth approximately $250,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Sphere Entertainment during the 2nd quarter valued at approximately $4,179,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Trading Down 0.2%

Shares of Sphere Entertainment stock opened at $142.20 on Monday. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.32. Sphere Entertainment Co. has a twelve month low of $47.05 and a twelve month high of $181.63. The firm has a market capitalization of $5.11 billion, a PE ratio of -53.06 and a beta of 1.62. The firm’s 50-day moving average price is $152.11 and its 200 day moving average price is $137.54.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, topping the consensus estimate of ($1.51) by $0.44. The company had revenue of $313.64 million during the quarter, compared to analyst estimates of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.Sphere Entertainment’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the business earned $3.39 EPS. On average, sell-side analysts predict that Sphere Entertainment Co. will post -2.34 EPS for the current fiscal year.

Analysts Set New Price Targets

SPHR has been the subject of several analyst reports. Susquehanna boosted their target price on shares of Sphere Entertainment from $159.00 to $182.00 and gave the company a “positive” rating in a research note on Thursday, June 18th. BTIG Research reaffirmed a “buy” rating and issued a $190.00 price objective on shares of Sphere Entertainment in a report on Monday, August 3rd. Benchmark upped their price objective on shares of Sphere Entertainment from $155.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, June 18th. The Goldman Sachs Group increased their target price on shares of Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Finally, JPMorgan Chase & Co. cut their price target on Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $166.00.

About Sphere Entertainment

Sphere Entertainment Co (NYSE: SPHR) is a publicly traded company focused on the development and operation of large-scale immersive entertainment venues. Established as a standalone entity in early 2023 following its separation from Madison Square Garden Entertainment, Sphere leverages cutting-edge audiovisual technologies to create next-generation concert, film and cultural experiences. The company’s flagship venue in Las Vegas showcases its core capabilities, while additional projects are in various stages of development around the world.

At the Las Vegas Sphere, Sphere Entertainment has installed one of the largest LED display surfaces on the planet, wrapping audiences in 16K resolution imagery and spatial audio powered by proprietary sound systems.