Madison Square Garden Entertainment Corp. (NYSE:MSGE) Receives Consensus Rating of “Moderate Buy” from Brokerages

Madison Square Garden Entertainment Corp. (NYSE:MSGE) has been given an average recommendation of “Moderate Buy” by the seven ratings firms that are currently covering the company, Marketbeat reports. Four analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $58.80.

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 4th. Susquehanna boosted 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 report on Thursday, December 11th. Guggenheim upped their target price on shares of Madison Square Garden Entertainment from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, February 3rd. The Goldman Sachs Group reiterated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research note on Monday, January 5th. Finally, Wolfe Research cut shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research report on Monday, December 15th.

Madison Square Garden Entertainment Stock Performance

Madison Square Garden Entertainment stock opened at $55.61 on Friday. Madison Square Garden Entertainment has a fifty-two week low of $28.29 and a fifty-two week high of $65.26. The stock’s 50 day simple moving average is $59.83 and its two-hundred day simple moving average is $52.60. The company has a debt-to-equity ratio of 15.40, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 51.49 and a beta of 0.38.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its earnings results on Tuesday, February 3rd. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.35 by ($0.41). The firm had revenue of $459.94 million during the quarter, compared to the consensus estimate of $448.21 million. Madison Square Garden Entertainment had a negative return on equity of 748.04% and a net margin of 5.12%.The firm’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.56 EPS. As a group, analysts expect that Madison Square Garden Entertainment will post 1.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, Director Charles P. Dolan sold 19,311 shares of Madison Square Garden Entertainment stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the completion of the transaction, the director directly owned 660 shares in the company, valued at approximately $42,081.60. This trade represents a 96.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 16.41% of the company’s stock.

Institutional Trading of Madison Square Garden Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Ariel Investments LLC raised its stake in Madison Square Garden Entertainment by 1.6% during the second quarter. Ariel Investments LLC now owns 7,896,008 shares of the company’s stock valued at $315,603,000 after buying an additional 120,635 shares during the last quarter. Jericho Capital Asset Management L.P. boosted its holdings in Madison Square Garden Entertainment by 26.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock worth $197,384,000 after acquiring an additional 777,000 shares in the last quarter. Dendur Capital LP grew its stake in shares of Madison Square Garden Entertainment by 8.0% in the fourth quarter. Dendur Capital LP now owns 1,220,000 shares of the company’s stock worth $65,746,000 after acquiring an additional 90,000 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Madison Square Garden Entertainment by 3.5% in 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 during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Madison Square Garden Entertainment by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 979,614 shares of the company’s stock valued at $52,800,000 after acquiring an additional 4,051 shares in the last quarter. Hedge funds and other institutional investors 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.