Madison Square Garden Entertainment (NYSE:MSGE) Hits New 52-Week High – What’s Next?

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $70.81 and last traded at $70.2540, with a volume of 66775 shares traded. The stock had previously closed at $68.33.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Weiss Ratings cut Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. BTIG Research lifted their price target on shares of Madison Square Garden Entertainment from $70.00 to $86.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen cut shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. JPMorgan Chase & Co. lifted their price target on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Finally, Guggenheim lifted their price target on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Madison Square Garden Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $64.33.

Madison Square Garden Entertainment Price Performance

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 stock has a market cap of $2.80 billion, a PE ratio of 67.79 and a beta of 0.61. The company has a fifty day moving average of $60.95 and a 200-day moving average of $56.85.

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

Insider Transactions at Madison Square Garden Entertainment

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MSGE. Jericho Capital Asset Management L.P. lifted its stake in Madison Square Garden Entertainment by 26.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock worth $197,384,000 after acquiring an additional 777,000 shares during the last quarter. Millennium Management LLC lifted its stake in 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 worth $26,651,000 after acquiring an additional 561,537 shares during the last quarter. Bank of America Corp DE lifted its stake in Madison Square Garden Entertainment by 324.8% in the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock worth $26,670,000 after acquiring an additional 510,191 shares during the last quarter. Nuveen LLC lifted its stake in Madison Square Garden Entertainment by 86.4% in the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock worth $39,042,000 after acquiring an additional 335,890 shares during the last quarter. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Madison Square Garden Entertainment during the 4th quarter worth about $13,473,000. Hedge funds and other institutional investors 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.