AQR Capital Management LLC Sells 32,568 Shares of Sphere Entertainment Co. (NYSE:SPHR)

AQR Capital Management LLC cut its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 75.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,657 shares of the company's stock after selling 32,568 shares during the quarter. AQR Capital Management LLC's holdings in Sphere Entertainment were worth $374,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Swiss National Bank lifted its position in shares of Sphere Entertainment by 1.6% in the first quarter. Swiss National Bank now owns 50,159 shares of the company's stock valued at $2,462,000 after buying an additional 800 shares during the last quarter. QRG Capital Management Inc. bought a new position in Sphere Entertainment during the first quarter worth $203,000. Vanguard Group Inc. increased its holdings in shares of Sphere Entertainment by 0.6% in the first quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company's stock valued at $137,787,000 after purchasing an additional 17,613 shares during the last quarter. Empowered Funds LLC raised its position in shares of Sphere Entertainment by 14.9% in the first quarter. Empowered Funds LLC now owns 150,637 shares of the company's stock valued at $7,393,000 after purchasing an additional 19,539 shares during the period. Finally, Evergreen Capital Management LLC acquired a new stake in shares of Sphere Entertainment during the 2nd quarter worth about $1,397,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SPHR shares. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a "neutral" rating to an "overweight" rating and upped their price target for the company from $37.00 to $57.00 in a research note on Friday, August 16th. Benchmark reiterated a "sell" rating and set a $40.00 target price on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Bank of America reduced their price target on Sphere Entertainment from $45.00 to $43.00 and set a "neutral" rating for the company in a research note on Tuesday, September 17th. Morgan Stanley upped their price objective on Sphere Entertainment from $42.00 to $45.00 and gave the company an "equal weight" rating in a report on Thursday, July 11th. Finally, Wolfe Research raised Sphere Entertainment from a "peer perform" rating to an "outperform" rating and set a $60.00 target price for the company in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Sphere Entertainment has a consensus rating of "Hold" and an average target price of $50.71.

Sphere Entertainment Price Performance

Shares of NYSE:SPHR traded down $1.24 during trading on Wednesday, reaching $47.67. 887,033 shares of the company traded hands, compared to its average volume of 752,761. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22. Sphere Entertainment Co. has a 52 week low of $27.02 and a 52 week high of $51.83. The firm has a market capitalization of $1.68 billion, a PE ratio of 4.37 and a beta of 1.41. The company's 50 day moving average is $44.30 and its two-hundred day moving average is $41.23.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($2.47) by $0.47. The firm had revenue of $273.40 million for the quarter, compared to the consensus estimate of $271.28 million. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The business's revenue for the quarter was up 111.8% on a year-over-year basis. During the same period in the prior year, the company posted $15.43 earnings per share. As a group, sell-side analysts predict that Sphere Entertainment Co. will post -9.6 earnings per share for the current year.

Sphere Entertainment Company 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.