Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 52-Week High After Analyst Upgrade

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) hit a new 52-week high during mid-day trading on Tuesday after Morgan Stanley raised their price target on the stock from $70.00 to $80.00. Morgan Stanley currently has an equal weight rating on the stock. Madison Square Garden Entertainment traded as high as $76.48 and last traded at $76.4210, with a volume of 22432 shares changing hands. The stock had previously closed at $75.32.

MSGE has been the subject of several other research reports. JPMorgan Chase & Co. raised their target price on 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. Susquehanna boosted their price target 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 boosted their price target 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. Weiss Ratings lowered shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. Finally, BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a report on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $73.50.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 9,907 shares of Madison Square Garden Entertainment stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the sale, the executive vice president directly owned 15,772 shares in the company, valued at $1,174,698.56. The trade was a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 16.41% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. First Horizon Corp bought a new stake in Madison Square Garden Entertainment in the fourth quarter worth $37,000. Aster Capital Management DIFC Ltd bought a new position in Madison Square Garden Entertainment during the fourth quarter valued at about $45,000. Atlantic Edge Private Wealth Management LLC bought a new position in Madison Square Garden Entertainment during the fourth quarter valued at about $47,000. State of Wyoming acquired a new stake in shares of Madison Square Garden Entertainment in the second quarter worth about $62,000. Finally, CIBC Private Wealth Group LLC lifted its position in shares of Madison Square Garden Entertainment by 3,248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock worth $67,000 after buying an additional 1,202 shares during the last quarter. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

The company has a market cap of $3.09 billion, a P/E ratio of 75.01 and a beta of 0.61. The firm has a 50 day moving average price of $68.68 and a 200-day moving average price of $61.77. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72.

Madison Square Garden Entertainment (NYSE:MSGE) last issued 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 posted $0.17 EPS. The business’s revenue was up 1.5% on a year-over-year basis. On average, research analysts predict that Madison Square Garden Entertainment Corp. will post 1.28 EPS for the current year.

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.