Madison Square Garden Entertainment (NYSE:MSGE) Sets New 1-Year High – What’s Next?

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s share price reached a new 52-week high on Monday . The stock traded as high as $82.78 and last traded at $78.7420, with a volume of 1800003 shares trading hands. The stock had previously closed at $80.30.

Analyst Ratings Changes

Several analysts recently commented on MSGE shares. Susquehanna raised their price target on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a research report on Thursday, May 28th. Morgan Stanley increased their target price on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 23rd. Wall Street Zen cut shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Seaport Research Partners reissued a “neutral” rating on shares of Madison Square Garden Entertainment in a report on Monday. 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 issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Madison Square Garden Entertainment has a consensus rating of “Moderate Buy” and an average target price of $73.50.

Madison Square Garden Entertainment Stock Performance

The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 78.97 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 has a fifty day moving average of $69.41 and a 200 day moving average of $62.16.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data 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). The company had revenue of $246.26 million for the quarter, compared to analyst estimates of $242.99 million. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The business’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period last year, the firm posted $0.17 EPS. As a group, sell-side analysts forecast that Madison Square Garden Entertainment Corp. will post 1.34 EPS for the current year.

Insider Activity at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of Madison Square Garden Entertainment 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 transaction, the executive vice president owned 15,772 shares in the company, valued at $1,174,698.56. The trade was a 38.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 16.41% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of hedge funds have recently modified their holdings of the company. First Horizon Corp acquired a new stake in Madison Square Garden Entertainment during the fourth quarter worth about $37,000. Aster Capital Management DIFC Ltd acquired a new position in Madison Square Garden Entertainment in the 4th quarter valued at about $45,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Madison Square Garden Entertainment in the 4th quarter valued at approximately $47,000. State of Wyoming purchased a new stake in shares of Madison Square Garden Entertainment in the 2nd quarter valued at approximately $62,000. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of Madison Square Garden Entertainment by 3,248.6% during the 4th 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. Hedge funds and other institutional investors own 96.86% of the company’s stock.

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.