Madison Square Garden Entertainment (NYSE:MSGE) Hits New 1-Year High After Analyst Upgrade

Madison Square Garden Entertainment Corp. (NYSE:MSGE) shares hit a new 52-week high during mid-day trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $47.00 to $60.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Madison Square Garden Entertainment traded as high as $60.81 and last traded at $60.7050, with a volume of 379060 shares changing hands. The stock had previously closed at $59.35.

MSGE has been the topic of a number of other research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Monday, December 29th. The Goldman Sachs Group reaffirmed a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. 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. Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, December 20th. Finally, Susquehanna raised their price objective on Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a report on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $51.33.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of MSGE. CWM LLC increased its stake in Madison Square Garden Entertainment by 623.8% in the 2nd quarter. CWM LLC now owns 1,035 shares of the company’s stock valued at $41,000 after buying an additional 892 shares during the period. Cullen Frost Bankers Inc. boosted its holdings in shares of Madison Square Garden Entertainment by 163.0% in the second quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company’s stock valued at $43,000 after acquiring an additional 673 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Madison Square Garden Entertainment during the third quarter worth about $59,000. State of Wyoming acquired a new position in shares of Madison Square Garden Entertainment during the second quarter worth about $62,000. Finally, KBC Group NV raised its holdings in Madison Square Garden Entertainment by 80.1% during the second quarter. KBC Group NV now owns 1,688 shares of the company’s stock worth $67,000 after purchasing an additional 751 shares in the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.

Madison Square Garden Entertainment Price Performance

The stock’s 50-day moving average is $52.17 and its 200 day moving average is $45.33. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 84.99 and a beta of 0.40.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Thursday, November 6th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.13. Madison Square Garden Entertainment had a negative return on equity of 310.15% and a net margin of 3.65%.The business had revenue of $158.26 million during the quarter, compared to the consensus estimate of $156.62 million. During the same period in the prior year, the business posted ($0.40) EPS. The company’s revenue for the quarter was up 14.1% on a year-over-year basis. Analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.04 EPS for the current year.

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.