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

Madison Square Garden Entertainment (NYSE:MSGE) had its price objective upped by analysts at Morgan Stanley from $70.00 to $80.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 5.60% from the stock’s previous close.

A number of other research firms have also commented on MSGE. JPMorgan Chase & Co. increased their price target on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Weiss Ratings lowered Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. Susquehanna increased their target price on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a report on Thursday, May 28th. BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a report on Thursday, May 21st. Finally, Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Madison Square Garden Entertainment presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.50.

Madison Square Garden Entertainment Price Performance

Shares of Madison Square Garden Entertainment stock traded up $0.44 during mid-day trading on Tuesday, reaching $75.76. 137,823 shares of the stock were exchanged, compared to its average volume of 380,771. The company has a market cap of $3.06 billion, a price-to-earnings ratio of 74.36 and a beta of 0.61. Madison Square Garden Entertainment has a fifty-two week low of $35.31 and a fifty-two week high of $76.68. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 11.40. The firm has a 50-day simple moving average of $68.05 and a 200 day simple moving average of $61.41.

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

Insiders Place Their Bets

In other Madison Square Garden Entertainment 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 sale, the executive vice president directly owned 15,772 shares of the company’s stock, valued at approximately $1,174,698.56. The trade was a 38.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 16.41% of the company’s stock.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several institutional investors have recently modified their holdings of the business. Harbour Capital Advisors LLC acquired a new stake in shares of Madison Square Garden Entertainment during the fourth quarter worth $1,075,000. Citigroup Inc. lifted its stake in Madison Square Garden Entertainment by 220.9% in the third quarter. Citigroup Inc. now owns 59,436 shares of the company’s stock valued at $2,689,000 after buying an additional 40,917 shares during the period. Northern Right Capital Management L.P. boosted its holdings in Madison Square Garden Entertainment by 20.0% during the third quarter. Northern Right Capital Management L.P. now owns 475,942 shares of the company’s stock worth $21,532,000 after buying an additional 79,399 shares during the last quarter. UBS Group AG boosted its holdings in Madison Square Garden Entertainment by 28.9% during the fourth quarter. UBS Group AG now owns 294,984 shares of the company’s stock worth $15,897,000 after buying an additional 66,070 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings 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 buying an additional 36,363 shares during the last quarter. Institutional investors and hedge funds 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.