Sphere Entertainment Co. $SPHR Shares Sold by Washington Trust Advisors Inc.

Key Points

• Washington Trust Advisors Inc. cut its stake in Sphere Entertainment by 42.1% in the fourth quarter, selling 75,051 shares and leaving it with 103,411 shares valued at about $9.83 million.
• Sphere Entertainment stock was down 2.4% and opened at $133.52, while institutional ownership remained high at 92.03% of shares outstanding.
• The company reported a stronger-than-expected quarterly result, posting EPS of -$0.04 versus the expected -$0.31 and revenue of $386.41 million, up 37.7% year over year. Analysts currently rate the stock a Moderate Buy with a consensus price target of $145.92.

Washington Trust Advisors Inc. reduced its stake in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 42.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 103,411 shares of the company's stock after selling 75,051 shares during the period. Washington Trust Advisors Inc. owned 0.29% of Sphere Entertainment worth $9,832,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Quent Capital LLC acquired a new position in shares of Sphere Entertainment during the 3rd quarter worth approximately $30,000. ORG Partners LLC raised its position in shares of Sphere Entertainment by 80.1% during the 3rd quarter. ORG Partners LLC now owns 661 shares of the company's stock worth $41,000 after purchasing an additional 294 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new stake in Sphere Entertainment in the 4th quarter worth approximately $52,000. NewEdge Advisors LLC grew its stake in Sphere Entertainment by 576.6% in the 3rd quarter. NewEdge Advisors LLC now owns 927 shares of the company's stock worth $58,000 after acquiring an additional 790 shares during the period. Finally, Quarry LP grew its stake in Sphere Entertainment by 1,614.0% in the 3rd quarter. Quarry LP now owns 977 shares of the company's stock worth $61,000 after acquiring an additional 920 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Stock Down 2.4%

Shares of NYSE SPHR opened at $133.52 on Friday. Sphere Entertainment Co. has a 52-week low of $31.85 and a 52-week high of $149.00. The firm has a fifty day moving average of $122.01 and a 200-day moving average of $100.23. The stock has a market capitalization of $4.74 billion, a PE ratio of 75.01 and a beta of 1.69. The company has a quick ratio of 1.09, a current ratio of 1.22 and a debt-to-equity ratio of 0.33.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.27. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The firm had revenue of $386.41 million during the quarter, compared to analysts' expectations of $313.41 million. During the same period in the prior year, the company earned ($2.27) EPS. The firm's revenue was up 37.7% on a year-over-year basis. On average, analysts anticipate that Sphere Entertainment Co. will post -2.57 EPS for the current year.

Analyst Ratings Changes

Several research firms have commented on SPHR. New Street Research set a $110.00 target price on shares of Sphere Entertainment in a research note on Thursday, January 15th. Morgan Stanley reaffirmed an "overweight" rating and issued a $170.00 target price on shares of Sphere Entertainment in a research note on Wednesday. Bank of America lifted their target price on shares of Sphere Entertainment from $110.00 to $132.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Susquehanna lifted their target price on shares of Sphere Entertainment from $133.00 to $159.00 and gave the stock a "positive" rating in a research note on Wednesday. Finally, BTIG Research lifted their target price on shares of Sphere Entertainment from $127.00 to $190.00 and gave the stock a "buy" rating in a research note on Wednesday. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $145.92.

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.

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