Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 52-Week High – Here’s Why

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $73.00 and last traded at $71.58, with a volume of 914 shares changing hands. The stock had previously closed at $72.08.

Wall Street Analyst Weigh In

MSGE has been the topic of a number of research reports. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Guggenheim upped their target price on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Susquehanna raised their target price on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a research note on Thursday, May 28th. BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. Finally, JPMorgan Chase & Co. raised their price objective on 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. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Madison Square Garden Entertainment has an average rating of “Moderate Buy” and a consensus target price of $67.50.

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 company has a market cap of $2.93 billion, a PE ratio of 71.10 and a beta of 0.61. The firm has a 50 day moving average of $65.47 and a two-hundred day moving average of $59.81.

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

Institutional Trading of Madison Square Garden Entertainment

Several institutional investors have recently bought and sold shares of the company. Harbour Capital Advisors LLC bought a new position in shares of Madison Square Garden Entertainment in the fourth quarter worth approximately $1,075,000. Citigroup Inc. increased its position in shares of Madison Square Garden Entertainment by 220.9% during the third quarter. Citigroup Inc. now owns 59,436 shares of the company’s stock valued at $2,689,000 after acquiring an additional 40,917 shares in the last quarter. Northern Right Capital Management L.P. raised its holdings in Madison Square Garden Entertainment by 20.0% in the 3rd quarter. Northern Right Capital Management L.P. now owns 475,942 shares of the company’s stock worth $21,532,000 after acquiring an additional 79,399 shares during the last quarter. UBS Group AG raised its holdings in Madison Square Garden Entertainment by 28.9% in the 4th quarter. UBS Group AG now owns 294,984 shares of the company’s stock worth $15,897,000 after acquiring an additional 66,070 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in 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. 96.86% of the stock is owned by hedge funds and other institutional investors.

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.