Madison Square Garden Entertainment (NYSE:MSGE) Price Target Raised to $63.00

Madison Square Garden Entertainment (NYSE:MSGE) had its price objective lifted by JPMorgan Chase & Co. from $60.00 to $63.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Susquehanna boosted their price target on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the company a “positive” rating in a research note on Thursday, December 11th. Guggenheim increased their price target on shares of Madison Square Garden Entertainment from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday. Wolfe Research lowered shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. Finally, The Goldman Sachs Group reaffirmed a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research note on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Madison Square Garden Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $55.00.

Madison Square Garden Entertainment Price Performance

MSGE stock opened at $60.81 on Wednesday. The business has a 50 day simple moving average of $55.93 and a 200-day simple moving average of $47.53. The firm has a market capitalization of $2.45 billion, a PE ratio of 56.31 and a beta of 0.39. Madison Square Garden Entertainment has a 1 year low of $28.29 and a 1 year high of $63.10.

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 the consensus estimate of $2.35 by ($0.41). Madison Square Garden Entertainment had a negative return on equity of 270.62% and a net margin of 5.12%.The company had revenue of $459.94 million for the quarter, compared to analysts’ expectations of $448.21 million. During the same quarter in the prior year, the firm earned $1.56 EPS. The firm’s revenue was up 12.9% on a year-over-year basis. On average, equities research analysts expect that Madison Square Garden Entertainment will post 1.04 EPS for the current year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC grew its holdings in Madison Square Garden Entertainment by 2,037.6% during the third quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock worth $26,651,000 after acquiring an additional 561,537 shares during the period. Bank of America Corp DE boosted its holdings in Madison Square Garden Entertainment by 324.8% during the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock worth $26,670,000 after buying an additional 510,191 shares in the last quarter. Dendur Capital LP grew its position in Madison Square Garden Entertainment by 60.1% during the second quarter. Dendur Capital LP now owns 925,500 shares of the company’s stock worth $36,992,000 after buying an additional 347,500 shares during the period. 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 valued at $46,768,000 after buying an additional 198,361 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Madison Square Garden Entertainment during the 2nd quarter valued at approximately $6,335,000. 96.86% of the stock is owned by hedge funds and other institutional investors.

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.