Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 1-Year High Following Analyst Upgrade

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s share price hit a new 52-week high on Friday after Guggenheim raised their price target on the stock from $62.00 to $70.00. Guggenheim currently has a buy rating on the stock. Madison Square Garden Entertainment traded as high as $61.88 and last traded at $61.5010, with a volume of 131908 shares. The stock had previously closed at $60.54.

Other equities research analysts have also issued research reports about the company. Wolfe Research lowered Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research report on Monday, December 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Monday, December 29th. JPMorgan Chase & Co. upped their target price on Madison Square Garden Entertainment from $47.00 to $60.00 and gave the company a “neutral” rating in a report on Thursday, January 15th. Susquehanna increased their target price on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the company a “positive” rating in a research report on Thursday, December 11th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Madison Square Garden Entertainment currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of hedge funds have recently added to or reduced their stakes in the business. Perigon Wealth Management LLC bought a new position in shares of Madison Square Garden Entertainment during the 4th quarter worth approximately $261,000. Exchange Traded Concepts LLC increased its stake 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 valued at $1,451,000 after acquiring an additional 5,600 shares in the last quarter. SG Americas Securities LLC lifted 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 acquiring an additional 10,012 shares during the period. Assenagon Asset Management S.A. boosted its stake in Madison Square Garden Entertainment by 3.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,070,137 shares of the company’s stock worth $57,670,000 after acquiring an additional 36,363 shares in the last quarter. Finally, Harbour Capital Advisors LLC bought a new position in Madison Square Garden Entertainment during the fourth quarter worth $1,075,000. 96.86% of the stock is currently owned by institutional investors.

Madison Square Garden Entertainment Price Performance

The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 87.46 and a beta of 0.40. The business’s fifty day simple moving average is $53.37 and its 200 day simple moving average is $46.12.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Thursday, November 6th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $156.62 million. During the same quarter in the previous year, the firm posted ($0.40) EPS. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. Equities research analysts expect that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current fiscal year.

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.