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

Washington Trust Advisors Inc. trimmed its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 1.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 195,287 shares of the company’s stock after selling 3,487 shares during the quarter. Washington Trust Advisors Inc.’s holdings in Sphere Entertainment were worth $7,874,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPHR. Blue Trust Inc. boosted its position in shares of Sphere Entertainment by 149.5% during the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock worth $67,000 after purchasing an additional 912 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Sphere Entertainment in the 3rd quarter valued at $187,000. Concurrent Investment Advisors LLC bought a new stake in Sphere Entertainment in the 3rd quarter valued at $216,000. ArrowMark Colorado Holdings LLC bought a new stake in Sphere Entertainment in the 3rd quarter valued at $219,000. Finally, Tidal Investments LLC bought a new stake in Sphere Entertainment in the 3rd quarter valued at $225,000. 92.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on SPHR shares. Guggenheim cut their price objective on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Macquarie cut their price objective on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 13th. Morgan Stanley cut their price objective on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $47.38.

Sphere Entertainment Stock Up 1.5 %

Shares of SPHR stock opened at $38.11 on Thursday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. Sphere Entertainment Co. has a 1 year low of $32.10 and a 1 year high of $51.83. The firm’s fifty day moving average price is $43.51 and its two-hundred day moving average price is $43.02. The firm has a market capitalization of $1.35 billion, a P/E ratio of -3.63 and a beta of 1.39.

About Sphere Entertainment

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.