Madison Square Garden Entertainment (NYSE:MSGE) Rating Lowered to Hold at Wall Street Zen

Madison Square Garden Entertainment (NYSE:MSGE) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Sunday.

Several other equities research analysts have also issued reports on the stock. Susquehanna increased their target price on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a research note on Thursday, December 11th. Wolfe Research cut Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday, December 15th. Guggenheim increased their price target on Madison Square Garden Entertainment from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, February 3rd. JPMorgan Chase & Co. boosted their price objective on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the company a “neutral” rating in a research report on Wednesday, February 4th. Finally, The Goldman Sachs Group reiterated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Madison Square Garden Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.67.

Madison Square Garden Entertainment Price Performance

Shares of NYSE MSGE opened at $60.66 on Friday. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of 56.16 and a beta of 0.39. The firm’s 50 day simple moving average is $56.13 and its 200-day simple moving average is $47.77. Madison Square Garden Entertainment has a 12 month low of $28.29 and a 12 month high of $63.10.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Tuesday, February 3rd. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.35 by ($0.41). The firm had revenue of $459.94 million during the quarter, compared to analyst estimates of $448.21 million. Madison Square Garden Entertainment had a net margin of 5.12% and a negative return on equity of 270.62%. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.56 earnings per share. Analysts anticipate that Madison Square Garden Entertainment will post 1.04 earnings per share for the current fiscal year.

Institutional Trading of Madison Square Garden Entertainment

Several large investors have recently made changes to their positions in the company. First Horizon Corp acquired a new position in Madison Square Garden Entertainment in the 4th quarter valued at $37,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Madison Square Garden Entertainment during the fourth quarter worth $47,000. CWM LLC grew its holdings in shares of Madison Square Garden Entertainment by 623.8% during the second quarter. CWM LLC now owns 1,035 shares of the company’s stock worth $41,000 after buying an additional 892 shares in the last quarter. Cullen Frost Bankers Inc. raised its position in shares of Madison Square Garden Entertainment by 163.0% in the second quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company’s stock valued at $43,000 after buying an additional 673 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new position in shares of Madison Square Garden Entertainment in the third quarter worth about $59,000. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is a premier live entertainment company focused on producing and hosting a wide range of events across North America. Established as a separate publicly traded entity in April 2020 through a spin-off from Madison Square Garden Company, MSGE owns and operates iconic venues such as Madison Square Garden in New York City, Radio City Music Hall, The Chicago Theatre and Sphere in Las Vegas. These facilities serve as flagship stages for concerts, sports events, family shows and cultural performances.

The company’s core business activities center on venue management, event promotion and production services.