Madison Square Garden Entertainment (NYSE:MSGE) Shares Break Above 50-Day Moving Average – Here’s Why

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s share price crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $79.15 and traded as high as $80.73. Madison Square Garden Entertainment shares last traded at $80.40, with a volume of 840,872 shares traded.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Susquehanna upped their target price on Madison Square Garden Entertainment from $92.00 to $93.00 and gave the company a “positive” rating in a report on Thursday, November 5th. Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. Bank of America lifted their price target on Madison Square Garden Entertainment from $80.00 to $96.00 and gave the stock a “buy” rating in a report on Friday, August 14th. JPMorgan Chase & Co. boosted their price target on shares of Madison Square Garden Entertainment from $83.00 to $84.00 and gave the company a “neutral” rating in a research report on Thursday, November 5th. Finally, Guggenheim upped their price objective on shares of Madison Square Garden Entertainment from $82.00 to $103.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $90.50.

Madison Square Garden Entertainment Stock Performance

The firm’s fifty day moving average is $79.15 and its 200-day moving average is $71.00. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 11.80. The stock has a market capitalization of $3.26 billion, a PE ratio of 39.61 and a beta of 0.56.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its earnings results on Wednesday, November 4th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.24. Madison Square Garden Entertainment had a net margin of 8.64% and a return on equity of 248.45%. The company had revenue of $217.13 million during the quarter, compared to analyst estimates of $208.11 million. During the same quarter last year, the firm posted ($0.46) earnings per share. Madison Square Garden Entertainment’s revenue was up 37.2% compared to the same quarter last year. As a group, research analysts anticipate that Madison Square Garden Entertainment Corp. will post 2.58 earnings per share for the current year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several large investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew 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 worth $1,032,000 after acquiring an additional 212 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Madison Square Garden Entertainment by 4.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,655 shares of the company’s stock valued at $453,000 after purchasing an additional 227 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of Madison Square Garden Entertainment by 30.8% in the 3rd quarter. State of Alaska Department of Revenue now owns 1,713 shares of the company’s stock valued at $137,000 after purchasing an additional 403 shares during the last quarter. Nykredit A S acquired a new stake in shares of Madison Square Garden Entertainment in the 2nd quarter valued at $46,000. Finally, Putney Financial Group LLC acquired a new stake in shares of Madison Square Garden Entertainment in the 3rd quarter valued at $69,000. 96.86% of the stock is currently owned by institutional investors and hedge funds.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. is a live entertainment company that owns and operates venues and produces live events. Its venues include Madison Square Garden, Radio City Music Hall and the Beacon Theatre in New York City, as well as The Chicago Theatre.

The company’s activities include hosting concerts, comedy shows, family attractions and other events. It also produces the annual Christmas Spectacular Starring the Radio City Rockettes and related live entertainment experiences.

Madison Square Garden Entertainment became a standalone publicly traded company in 2020 after separating from Madison Square Garden Company.