Madison Square Garden Entertainment (NYSE:MSGE) Sets New 12-Month High – Here’s Why

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $70.91 and last traded at $70.91, with a volume of 10070 shares traded. The stock had previously closed at $69.64.

Analysts Set New Price Targets

MSGE has been the topic of a number of recent analyst reports. Guggenheim increased their price objective on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. JPMorgan Chase & Co. raised their target price on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Weiss Ratings downgraded shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. Finally, BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $64.33.

Madison Square Garden Entertainment Stock Up 0.1%

The stock has a 50-day simple moving average of $62.28 and a two-hundred day simple moving average of $57.91. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40. The firm has a market cap of $2.82 billion, a PE ratio of 68.36 and a beta of 0.61.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The firm had revenue of $246.26 million for the quarter, compared to analysts’ expectations of $242.99 million. During the same quarter in the previous year, the business earned $0.17 EPS. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. Analysts expect that Madison Square Garden Entertainment Corp. will post 1.28 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Bank of America Corp DE lifted its stake in Madison Square Garden Entertainment by 27.7% in the first quarter. Bank of America Corp DE now owns 223,411 shares of the company’s stock worth $13,161,000 after purchasing an additional 48,453 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of Madison Square Garden Entertainment by 27.8% in the first quarter. California State Teachers Retirement System now owns 46,216 shares of the company’s stock worth $2,723,000 after buying an additional 10,064 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Madison Square Garden Entertainment by 1.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 17,519 shares of the company’s stock valued at $1,032,000 after purchasing an additional 212 shares during the period. Quantinno Capital Management LP increased its holdings in Madison Square Garden Entertainment by 63.5% during the 1st quarter. Quantinno Capital Management LP now owns 13,322 shares of the company’s stock valued at $785,000 after purchasing an additional 5,174 shares during the period. Finally, Lazard Asset Management LLC increased its holdings in Madison Square Garden Entertainment by 299.4% during the 1st quarter. Lazard Asset Management LLC now owns 41,326 shares of the company’s stock valued at $2,435,000 after purchasing an additional 30,979 shares during the period. 96.86% of the stock is owned by hedge funds and other institutional investors.

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.