Madison Square Garden Entertainment (NYSE:MSGE) Given New $60.00 Price Target at JPMorgan Chase & Co.

Madison Square Garden Entertainment (NYSE:MSGE) had its target price increased by equities researchers at JPMorgan Chase & Co. from $47.00 to $60.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 1.18% from the company’s current price.

MSGE has been the topic of a number of other reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th. Wall Street Zen cut Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, December 20th. Susquehanna lifted their target price on 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. Wolfe Research downgraded Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research report on Monday, December 15th. Finally, The Goldman Sachs Group restated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research note on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Madison Square Garden Entertainment currently has an average rating of “Moderate Buy” and an average price target of $51.33.

Madison Square Garden Entertainment Trading Down 2.2%

Shares of MSGE traded down $1.36 during trading hours on Thursday, reaching $59.30. 287,293 shares of the stock traded hands, compared to its average volume of 283,749. The company has a market cap of $2.39 billion, a P/E ratio of 84.83 and a beta of 0.40. The company’s 50-day moving average price is $51.61 and its two-hundred day moving average price is $45.09. Madison Square Garden Entertainment has a 52-week low of $28.29 and a 52-week high of $61.64.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.46) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.13. The business had revenue of $158.26 million during the quarter, compared to the consensus estimate of $156.62 million. Madison Square Garden Entertainment had a net margin of 3.65% and a negative return on equity of 310.15%. The business’s revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.40) EPS. On average, research analysts forecast that Madison Square Garden Entertainment will post 1.04 EPS for the current year.

Institutional Trading of Madison Square Garden Entertainment

A number of institutional investors have recently made changes to their positions in MSGE. Ariel Investments LLC lifted its position 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 worth $315,603,000 after buying an additional 120,635 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Madison Square Garden Entertainment by 3.5% in the 4th 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. Dendur Capital LP raised its holdings in shares of Madison Square Garden Entertainment by 60.1% during the 2nd quarter. Dendur Capital LP now owns 925,500 shares of the company’s stock worth $36,992,000 after acquiring an additional 347,500 shares during the period. Bank of America Corp DE boosted its position in shares of Madison Square Garden Entertainment by 324.8% during the 2nd quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock valued at $26,670,000 after acquiring an additional 510,191 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Madison Square Garden Entertainment by 2,037.6% in the third quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock valued at $26,651,000 after purchasing an additional 561,537 shares during the period. 96.86% of the stock is owned by institutional investors and hedge funds.

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.