Madison Square Garden Entertainment (NYSE:MSGE) Stock Rating Lowered by Wall Street Zen

Madison Square Garden Entertainment (NYSE:MSGE) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

Other research analysts have also recently issued reports about the company. Wolfe Research cut Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research report on Monday. The Goldman Sachs Group lifted their price objective on shares of Madison Square Garden Entertainment from $42.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Monday. Susquehanna raised their price target on Madison Square Garden Entertainment from $51.00 to $61.00 and gave the company a “positive” rating in a report on Thursday, December 11th. Finally, JPMorgan Chase & Co. boosted their price objective on Madison Square Garden Entertainment from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, November 7th. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Madison Square Garden Entertainment presently has an average rating of “Hold” and an average price target of $49.17.

Madison Square Garden Entertainment Price Performance

Shares of MSGE opened at $52.54 on Friday. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 60.61. The stock has a market cap of $2.12 billion, a P/E ratio of 75.06 and a beta of 0.43. The stock’s 50-day moving average price is $47.89 and its two-hundred day moving average price is $42.96. Madison Square Garden Entertainment has a 1 year low of $28.29 and a 1 year high of $55.75.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.46) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.13. The business had revenue of $158.26 million during the quarter, compared to analysts’ expectations of $156.62 million. Madison Square Garden Entertainment had a net margin of 3.65% and a negative return on equity of 310.15%. The firm’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.40) EPS. On average, equities analysts predict that Madison Square Garden Entertainment will post 1.04 earnings per share for the current year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of hedge funds have recently modified their holdings of the business. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Madison Square Garden Entertainment during the 1st quarter valued at approximately $40,000. CWM LLC grew its holdings in shares of Madison Square Garden Entertainment by 623.8% during the second quarter. CWM LLC now owns 1,035 shares of the company’s stock valued at $41,000 after buying an additional 892 shares during the last quarter. Cullen Frost Bankers Inc. increased its holdings in Madison Square Garden Entertainment by 163.0% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company’s stock worth $43,000 after purchasing an additional 673 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Madison Square Garden Entertainment in the 3rd quarter worth $59,000. Finally, State of Wyoming bought a new position in shares of Madison Square Garden Entertainment during the 2nd quarter worth approximately $62,000. Institutional investors and hedge funds 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.