Madison Square Garden Entertainment (NYSE:MSGE) Stock Price Expected to Rise, Guggenheim Analyst Says

Madison Square Garden Entertainment (NYSE:MSGE) had its price objective hoisted by research analysts at Guggenheim from $62.00 to $70.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price objective points to a potential upside of 14.34% from the stock’s current price.

MSGE has been the subject of several other reports. Weiss Ratings restated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th. Susquehanna lifted their price objective on Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a research note on Thursday, December 11th. The Goldman Sachs Group reissued a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a report on Saturday, December 20th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Madison Square Garden Entertainment from $47.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, January 15th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Madison Square Garden Entertainment presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Madison Square Garden Entertainment Trading Up 1.1%

Shares of NYSE MSGE opened at $61.22 on Thursday. The business’s 50 day moving average is $53.37 and its 200-day moving average is $46.06. The firm has a market cap of $2.47 billion, a P/E ratio of 87.46 and a beta of 0.40. Madison Square Garden Entertainment has a 1-year low of $28.29 and a 1-year high of $61.88.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.46) EPS for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.13. Madison Square Garden Entertainment had a net margin of 3.65% and a negative return on equity of 310.15%. The business had revenue of $158.26 million for the quarter, compared to analyst estimates of $156.62 million. During the same period last year, the firm earned ($0.40) earnings per share. Madison Square Garden Entertainment’s revenue for the quarter was up 14.1% compared to the same quarter last year. Analysts forecast that Madison Square Garden Entertainment will post 1.04 EPS for the current year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of MSGE. Perigon Wealth Management LLC purchased a new position in shares of Madison Square Garden Entertainment during the 4th quarter valued at $261,000. Exchange Traded Concepts LLC boosted its holdings in shares of Madison Square Garden Entertainment by 26.3% in the 4th quarter. Exchange Traded Concepts LLC now owns 26,929 shares of the company’s stock worth $1,451,000 after purchasing an additional 5,600 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Madison Square Garden Entertainment by 253.7% during the 4th quarter. SG Americas Securities LLC now owns 13,959 shares of the company’s stock valued at $752,000 after purchasing an additional 10,012 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Madison Square Garden Entertainment by 3.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,070,137 shares of the company’s stock valued at $57,670,000 after purchasing an additional 36,363 shares during the last quarter. Finally, Harbour Capital Advisors LLC purchased a new position in shares of Madison Square Garden Entertainment during the 4th quarter valued at about $1,075,000. 96.86% of the stock is currently owned by institutional investors.

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.