Madison Square Garden Entertainment (NYSE:MSGE) Coverage Initiated at BTIG Research

Analysts at BTIG Research started coverage on shares of Madison Square Garden Entertainment (NYSE:MSGE) in a research report issued to clients and investors on Tuesday, MarketBeat reports. The firm set a “buy” rating and a $70.00 price target on the stock. BTIG Research’s price target would indicate a potential upside of 14.72% from the company’s current price.

A number of other equities analysts have also recently commented on MSGE. Wall Street Zen raised Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. Wolfe Research lowered shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday, December 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Friday, March 27th. JPMorgan Chase & Co. lifted their price target on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the company a “neutral” rating in a report on Wednesday, February 4th. Finally, The Goldman Sachs Group reaffirmed a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a report on Monday, January 5th. One investment 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $60.67.

Madison Square Garden Entertainment Stock Performance

NYSE MSGE opened at $61.02 on Tuesday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 15.40. Madison Square Garden Entertainment has a 1 year low of $28.51 and a 1 year high of $65.26. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 56.50 and a beta of 0.48. The firm’s 50 day simple moving average is $59.74 and its 200 day simple moving average is $53.44.

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

Insider Buying and Selling

In related news, Director Charles P. Dolan sold 19,311 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $63.76, for a total value of $1,231,269.36. Following the sale, the director directly owned 660 shares in the company, valued at $42,081.60. This represents a 96.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 16.41% of the stock is owned by insiders.

Institutional Trading of Madison Square Garden Entertainment

Institutional investors have recently added to or reduced their stakes in the stock. Citigroup Inc. increased its holdings in Madison Square Garden Entertainment by 220.9% in the third quarter. Citigroup Inc. now owns 59,436 shares of the company’s stock worth $2,689,000 after purchasing an additional 40,917 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Madison Square Garden Entertainment by 23.7% in the third quarter. Assenagon Asset Management S.A. now owns 1,033,774 shares of the company’s stock worth $46,768,000 after purchasing an additional 198,361 shares in the last quarter. Harbour Capital Advisors LLC bought a new stake in Madison Square Garden Entertainment in the fourth quarter worth approximately $1,075,000. Norges Bank bought a new stake in Madison Square Garden Entertainment in the second quarter worth approximately $6,335,000. Finally, Northern Right Capital Management L.P. increased its holdings in Madison Square Garden Entertainment by 20.0% in the third quarter. Northern Right Capital Management L.P. now owns 475,942 shares of the company’s stock worth $21,532,000 after purchasing an additional 79,399 shares in the last quarter. 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.