Madison Square Garden Entertainment (NYSE:MSGE) Upgraded by Zacks Research to “Strong-Buy” Rating

Madison Square Garden Entertainment (NYSE:MSGE) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other equities analysts have also recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Madison Square Garden Entertainment from $75.00 to $83.00 and gave the company a “neutral” rating in a report on Thursday, August 13th. Weiss Ratings restated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Friday, July 31st. Bank of America upped their target price on shares of Madison Square Garden Entertainment from $80.00 to $96.00 and gave the company a “buy” rating in a report on Friday. The Goldman Sachs Group reiterated a “neutral” rating and set a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a research note on Thursday, July 9th. Finally, Guggenheim raised their price target on Madison Square Garden Entertainment from $82.00 to $103.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.43.

Madison Square Garden Entertainment Trading Down 3.3%

NYSE:MSGE opened at $82.04 on Monday. The company has a market capitalization of $3.32 billion, a PE ratio of 59.45 and a beta of 0.56. Madison Square Garden Entertainment has a 52-week low of $36.67 and a 52-week high of $90.41. The stock’s 50 day moving average price is $77.20 and its 200 day moving average price is $67.92. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 11.80.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.23. The company had revenue of $196.32 million during the quarter, compared to analysts’ expectations of $166.62 million. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%.The firm’s revenue for the quarter was up 27.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.57) earnings per share. On average, research analysts anticipate that Madison Square Garden Entertainment will post 2.48 EPS for the current year.

Insider Buying and Selling at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the stock in a transaction on 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 directly owned 15,772 shares of the company’s stock, valued at $1,174,698.56. This trade represents a 38.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 16.41% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Large investors have recently bought and sold shares of the company. First Horizon Corp acquired a new position in shares of Madison Square Garden Entertainment during the fourth quarter worth about $37,000. Aster Capital Management DIFC Ltd purchased a new stake in Madison Square Garden Entertainment in the 4th quarter valued at approximately $45,000. State of Wyoming purchased a new stake in Madison Square Garden Entertainment in the 2nd quarter valued at approximately $62,000. CIBC Private Wealth Group LLC boosted its holdings in Madison Square Garden Entertainment by 3,248.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock valued at $67,000 after purchasing an additional 1,202 shares in the last quarter. Finally, CWM LLC increased its position in Madison Square Garden Entertainment by 15.1% during the 4th quarter. CWM LLC now owns 1,723 shares of the company’s stock worth $93,000 after purchasing an additional 226 shares during the period. Hedge funds and other institutional investors own 96.86% of the company’s stock.

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.