Madison Square Garden Entertainment (NYSE:MSGE) EVP Sells $737,873.36 in Stock

Madison Square Garden Entertainment Corp. (NYSE:MSGE) EVP Philip Gerard D’ambrosio sold 9,907 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $74.48, for a total transaction of $737,873.36. Following the completion of the sale, the executive vice president owned 15,772 shares in the company, valued at $1,174,698.56. This represents a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Madison Square Garden Entertainment Trading Up 1.1%

NYSE:MSGE traded up $0.78 on Monday, reaching $74.27. The stock had a trading volume of 740,980 shares, compared to its average volume of 375,393. The company has a market cap of $3.00 billion, a price-to-earnings ratio of 72.82 and a beta of 0.61. The company has a debt-to-equity ratio of 11.40, a current ratio of 0.72 and a quick ratio of 0.72. The firm’s fifty day moving average is $66.42 and its two-hundred day moving average is $60.36. Madison Square Garden Entertainment Corp. has a 12-month low of $35.31 and a 12-month high of $74.94.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.11 EPS 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 company had revenue of $246.26 million for the quarter, compared to analyst estimates of $242.99 million. During the same period in the prior year, the company earned $0.17 EPS. The company’s revenue was up 1.5% compared to the same quarter last year. Equities analysts expect that Madison Square Garden Entertainment Corp. will post 1.28 EPS for the current fiscal year.

Institutional Trading of Madison Square Garden Entertainment

Large investors have recently bought and sold shares of the company. Jericho Capital Asset Management L.P. grew its position in shares of Madison Square Garden Entertainment by 26.9% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock worth $197,384,000 after buying an additional 777,000 shares in the last quarter. Millennium Management LLC grew its position in shares of Madison Square Garden Entertainment by 2,037.6% during the third quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock worth $26,651,000 after buying an additional 561,537 shares in the last quarter. Bank of America Corp DE grew its position in shares of Madison Square Garden Entertainment by 324.8% during the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock worth $26,670,000 after buying an additional 510,191 shares in the last quarter. Nuveen LLC grew its position in shares of Madison Square Garden Entertainment by 86.4% during the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock worth $39,042,000 after buying an additional 335,890 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of Madison Square Garden Entertainment during the fourth quarter worth approximately $13,473,000. Institutional investors and hedge funds own 96.86% of the company’s stock.

Wall Street Analyst Weigh In

MSGE has been the subject of a number of research analyst reports. 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. Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Susquehanna increased their target price on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a research report on Thursday, May 28th. Guggenheim increased their target price on shares of 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. Finally, BTIG Research reissued a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $67.50.

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.