Madison Square Garden Entertainment (NYSE:MSGE) EVP Sells $737,873.36 in Stock

Madison Square Garden Entertainment Corp. (NYSE:MSGE) EVP Philip Gerard D’ambrosio sold 9,907 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the sale, the executive vice president directly owned 15,772 shares in the company, valued at approximately $1,174,698.56. The trade was a 38.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Madison Square Garden Entertainment Stock Down 3.1%

Shares of MSGE opened at $72.99 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 11.40. Madison Square Garden Entertainment Corp. has a 12 month low of $35.31 and a 12 month high of $75.70. The stock’s 50 day moving average is $67.26 and its two-hundred day moving average is $60.90. The firm has a market cap of $2.95 billion, a P/E ratio of 71.56 and a beta of 0.61.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.11 EPS for the quarter, missing the consensus estimate 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 business had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. During the same period in the previous year, the business posted $0.17 earnings per share. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. Analysts predict that Madison Square Garden Entertainment Corp. will post 1.28 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on the company. Weiss Ratings lowered Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 4th. BTIG Research reissued a “buy” rating on shares of Madison Square Garden Entertainment in a report on Thursday, May 21st. 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 report on Friday, May 8th. Susquehanna raised their price objective on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a report on Thursday, May 28th. Finally, Wall Street Zen lowered Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Madison Square Garden Entertainment currently has a consensus rating of “Moderate Buy” and an average target price of $67.50.

Institutional Trading of Madison Square Garden Entertainment

Institutional investors have recently made changes to their positions in the company. First Horizon Corp acquired a new stake in shares of Madison Square Garden Entertainment in the fourth quarter worth approximately $37,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Madison Square Garden Entertainment in the fourth quarter worth approximately $45,000. Atlantic Edge Private Wealth Management LLC acquired a new stake in shares of Madison Square Garden Entertainment in the fourth quarter worth approximately $47,000. State of Wyoming acquired a new stake in shares of Madison Square Garden Entertainment in the second quarter worth approximately $62,000. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of Madison Square Garden Entertainment by 3,248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock worth $67,000 after acquiring an additional 1,202 shares during the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.

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.