Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 12-Month High – Here’s What Happened

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) hit a new 52-week high during trading on Tuesday . The company traded as high as $76.48 and last traded at $76.4210, with a volume of 22432 shares trading hands. The stock had previously closed at $75.32.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MSGE shares. BTIG Research reiterated a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. Guggenheim raised their price target on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. lifted their price target on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Wall Street Zen lowered Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings cut Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.50.

Madison Square Garden Entertainment Trading Up 1.2%

The firm’s 50 day moving average is $68.05 and its 200 day moving average is $61.41. The company has a debt-to-equity ratio of 11.40, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market cap of $3.08 billion, a PE ratio of 74.79 and a beta of 0.61.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.03). The firm had revenue of $246.26 million during the quarter, compared to analysts’ expectations of $242.99 million. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.17 earnings per share. On average, equities analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.28 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $74.48, for a total transaction of $737,873.36. Following the completion of the transaction, the executive vice president directly owned 15,772 shares in the company, valued at $1,174,698.56. The trade was a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 16.41% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Madison Square Garden Entertainment by 5.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock valued at $775,000 after purchasing an additional 1,193 shares during the last quarter. Millennium Management LLC bought a new position in Madison Square Garden Entertainment in the first quarter valued at $4,994,000. Dynamic Technology Lab Private Ltd bought a new position in Madison Square Garden Entertainment in the first quarter valued at $210,000. Jane Street Group LLC purchased a new stake in Madison Square Garden Entertainment during the first quarter valued at about $1,468,000. Finally, JPMorgan Chase & Co. raised its position in Madison Square Garden Entertainment by 53.5% during the second quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company’s stock valued at $4,089,000 after purchasing an additional 35,678 shares in the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.

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.