Washington Trust Advisors Inc. Sells 3,487 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Washington Trust Advisors Inc. decreased its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 1.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 195,287 shares of the company’s stock after selling 3,487 shares during the period. Washington Trust Advisors Inc. owned about 0.55% of Sphere Entertainment worth $7,874,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of SPHR. Clearline Capital LP acquired a new stake in shares of Sphere Entertainment during the third quarter worth approximately $5,607,000. JPMorgan Chase & Co. increased its holdings in shares of Sphere Entertainment by 140.0% during the third quarter. JPMorgan Chase & Co. now owns 150,955 shares of the company’s stock worth $6,669,000 after buying an additional 88,065 shares in the last quarter. Verition Fund Management LLC increased its holdings in shares of Sphere Entertainment by 235.4% during the third quarter. Verition Fund Management LLC now owns 109,184 shares of the company’s stock worth $4,824,000 after buying an additional 76,635 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Sphere Entertainment during the fourth quarter worth approximately $2,656,000. Finally, Carnegie Investment Counsel increased its holdings in shares of Sphere Entertainment by 35.1% in the fourth quarter. Carnegie Investment Counsel now owns 225,860 shares of the company’s stock valued at $9,107,000 after purchasing an additional 58,640 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Price Performance

SPHR opened at $38.11 on Thursday. The company has a fifty day moving average price of $43.51 and a two-hundred day moving average price of $43.02. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. Sphere Entertainment Co. has a 52 week low of $32.10 and a 52 week high of $51.83. The firm has a market capitalization of $1.35 billion, a PE ratio of -3.63 and a beta of 1.39.

Analysts Set New Price Targets

SPHR has been the subject of a number of research reports. Guggenheim lowered their price target on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Macquarie lowered their price target on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. JPMorgan Chase & Co. lowered their price target on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Morgan Stanley lowered their price target on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Sphere Entertainment has an average rating of “Hold” and an average target price of $47.38.

Sphere Entertainment 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.