Washington Trust Advisors Inc. Decreases Stake in Sphere Entertainment Co. $SPHR

Washington Trust Advisors Inc. cut its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 14.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,758 shares of the company’s stock after selling 12,686 shares during the quarter. Sphere Entertainment comprises 1.0% of Washington Trust Advisors Inc.’s investment portfolio, making the stock its 25th biggest position. Washington Trust Advisors Inc.’s holdings in Sphere Entertainment were worth $13,454,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of SPHR. Hollencrest Capital Management purchased a new position in Sphere Entertainment in the 4th quarter worth approximately $41,000. Caitong International Asset Management Co. Ltd grew its position in shares of Sphere Entertainment by 53.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after purchasing an additional 156 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Sphere Entertainment in the fourth quarter valued at approximately $48,000. Parallel Advisors LLC lifted its position in Sphere Entertainment by 275.0% during the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock worth $55,000 after buying an additional 341 shares in the last quarter. Finally, Vision Retirement LLC boosted its stake in Sphere Entertainment by 38.0% during the first quarter. Vision Retirement LLC now owns 483 shares of the company’s stock worth $57,000 after buying an additional 133 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

SPHR has been the topic of a number of analyst reports. New Street Research set a $188.00 target price on shares of Sphere Entertainment in a research note on Tuesday, July 14th. Weiss Ratings upgraded shares of Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Citizens Jmp lifted their price target on shares of Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a research report on Wednesday, June 17th. BTIG Research reiterated a “buy” rating and issued a $190.00 price objective on shares of Sphere Entertainment in a report on Monday, August 3rd. Finally, The Goldman Sachs Group increased their price objective on Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Twelve research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $166.00.

Sphere Entertainment Stock Down 0.2%

NYSE:SPHR opened at $142.20 on Monday. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32. The stock’s fifty day moving average is $152.11 and its two-hundred day moving average is $137.54. Sphere Entertainment Co. has a 52 week low of $47.05 and a 52 week high of $181.63. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of -53.06 and a beta of 1.62.

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

Sphere Entertainment Profile

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.