Madison Square Garden Entertainment Corp. (NYSE:MSGE) Sees Large Increase in Short Interest

Madison Square Garden Entertainment Corp. (NYSE:MSGE) saw a large increase in short interest in March. As of March 13th, there was short interest totaling 1,909,002 shares, an increase of 22.2% from the February 26th total of 1,561,871 shares. Based on an average daily volume of 361,070 shares, the short-interest ratio is presently 5.3 days. Currently, 5.7% of the company’s stock are sold short.

Insider Transactions at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the business’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the completion of the sale, the director owned 660 shares in the company, valued at approximately $42,081.60. The trade was a 96.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 16.41% of the company’s stock.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Hedge funds have recently modified their holdings of the company. Citigroup Inc. grew its holdings in shares of Madison Square Garden Entertainment by 220.9% in the third quarter. Citigroup Inc. now owns 59,436 shares of the company’s stock valued at $2,689,000 after acquiring an additional 40,917 shares in the last quarter. Creative Planning bought a new stake in Madison Square Garden Entertainment during the second quarter worth $509,000. Assenagon Asset Management S.A. lifted its holdings in Madison Square Garden Entertainment by 23.7% during the third quarter. Assenagon Asset Management S.A. now owns 1,033,774 shares of the company’s stock worth $46,768,000 after acquiring an additional 198,361 shares during the period. Norges Bank purchased a new position in Madison Square Garden Entertainment in the second quarter worth $6,335,000. Finally, Harbour Capital Advisors LLC purchased a new position in Madison Square Garden Entertainment in the fourth quarter worth $1,075,000. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Up 1.6%

MSGE traded up $0.86 during mid-day trading on Monday, reaching $56.56. 280,951 shares of the stock were exchanged, compared to its average volume of 334,276. The company has a debt-to-equity ratio of 15.40, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market capitalization of $2.29 billion, a PE ratio of 52.37 and a beta of 0.38. The company has a 50 day moving average price of $59.77 and a two-hundred day moving average price of $52.76. Madison Square Garden Entertainment has a 1 year low of $28.29 and a 1 year high of $65.26.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its earnings results on Tuesday, February 3rd. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.35 by ($0.41). Madison Square Garden Entertainment had a net margin of 5.12% and a negative return on equity of 748.04%. The firm had revenue of $459.94 million during the quarter, compared to analysts’ expectations of $448.21 million. During the same quarter in the prior year, the company earned $1.56 EPS. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. As a group, research analysts anticipate that Madison Square Garden Entertainment will post 1.04 EPS for the current year.

Analyst Upgrades and Downgrades

MSGE has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the company a “neutral” rating in a report on Wednesday, February 4th. Weiss Ratings restated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Friday. The Goldman Sachs Group reaffirmed a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. Wolfe Research downgraded Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. Finally, Wall Street Zen raised Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Madison Square Garden Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $58.80.

Madison Square Garden Entertainment Company Profile

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.