Madison Square Garden Entertainment (NYSE:MSGE) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Madison Square Garden Entertainment (NYSE:MSGE) from a hold rating to a buy rating in a research report released on Saturday morning.

Other research analysts have also recently issued reports about the company. The Goldman Sachs Group reissued a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a report on Monday, January 5th. Guggenheim lifted their price objective on shares of Madison Square Garden Entertainment from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, February 3rd. JPMorgan Chase & Co. upped their target price on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 4th. Wolfe Research cut shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $56.67.

Madison Square Garden Entertainment Stock Up 2.2%

MSGE opened at $63.06 on Friday. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of 58.39 and a beta of 0.39. The company has a debt-to-equity ratio of 15.40, a quick ratio of 0.68 and a current ratio of 0.68. The firm’s fifty day moving average is $58.83 and its 200 day moving average is $49.99. Madison Square Garden Entertainment has a fifty-two week low of $28.29 and a fifty-two week high of $65.26.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.41). Madison Square Garden Entertainment had a negative return on equity of 748.04% and a net margin of 5.12%.The business had revenue of $459.94 million during the quarter, compared to analysts’ expectations of $448.21 million. During the same quarter in the previous year, the company posted $1.56 EPS. The company’s quarterly revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts forecast that Madison Square Garden Entertainment will post 1.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the stock in a transaction on Friday, February 20th. The shares were sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the completion of the transaction, the director owned 660 shares in the company, valued at $42,081.60. This trade represents a 96.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 16.41% of the company’s stock.

Institutional Trading of Madison Square Garden Entertainment

Several hedge funds have recently made changes to their positions in the business. Deutsche Bank AG grew its position in Madison Square Garden Entertainment by 0.6% in the fourth quarter. Deutsche Bank AG now owns 32,473 shares of the company’s stock worth $1,750,000 after acquiring an additional 181 shares in the last quarter. CWM LLC lifted its stake in shares of Madison Square Garden Entertainment by 15.1% in the 4th quarter. CWM LLC now owns 1,723 shares of the company’s stock valued at $93,000 after purchasing an additional 226 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Madison Square Garden Entertainment by 0.4% in the 2nd quarter. Rhumbline Advisers now owns 63,178 shares of the company’s stock worth $2,525,000 after purchasing an additional 272 shares during the period. Garden State Investment Advisory Services LLC boosted its holdings in shares of Madison Square Garden Entertainment by 2.0% in the 2nd quarter. Garden State Investment Advisory Services LLC now owns 15,902 shares of the company’s stock worth $636,000 after purchasing an additional 306 shares during the period. Finally, Orion Porfolio Solutions LLC increased its position in shares of Madison Square Garden Entertainment by 1.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company’s stock valued at $906,000 after purchasing an additional 418 shares during the last quarter. 96.86% of the stock is currently 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.