Sphere Entertainment Co. (NYSE:SPHR) Shares Sold by AQR Capital Management LLC

AQR Capital Management LLC trimmed its stake in Sphere Entertainment Co. (NYSE:SPHR) by 75.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Blue Trust Inc. purchased a new stake in shares of Sphere Entertainment in the 2nd quarter valued at approximately $27,000. Summit Securities Group LLC purchased a new stake in shares of Sphere Entertainment in the second quarter valued at $54,000. 1832 Asset Management L.P. acquired a new stake in shares of Sphere Entertainment in the first quarter worth $85,000. Quent Capital LLC grew its holdings in shares of Sphere Entertainment by 7,717.6% during the first quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock valued at $130,000 after buying an additional 2,624 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Sphere Entertainment by 36.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,357 shares of the company’s stock valued at $188,000 after buying an additional 1,425 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Sphere Entertainment Price Performance

Shares of SPHR opened at $48.96 on Wednesday. The stock has a market cap of $1.73 billion, a P/E ratio of 4.50 and a beta of 1.41. Sphere Entertainment Co. has a 1 year low of $27.02 and a 1 year high of $51.83. The stock’s 50-day moving average price is $44.30 and its two-hundred day moving average price is $41.23. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The company had revenue of $273.40 million during the quarter, compared to the consensus estimate of $271.28 million. The firm’s revenue was up 111.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $15.43 earnings per share. On average, equities analysts predict that Sphere Entertainment Co. will post -9.6 earnings per share for the current year.

Analysts Set New Price Targets

SPHR has been the subject of several research reports. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $37.00 to $57.00 in a report on Friday, August 16th. Guggenheim lifted their target price on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Macquarie upped their price target on shares of Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Morgan Stanley lifted their price objective on Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research 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 on the stock in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $50.71.

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.