Madison Square Garden Entertainment (NYSE:MSGE) Sets New 12-Month High – Here’s What Happened

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $75.15 and last traded at $75.1370, with a volume of 39973 shares changing hands. The stock had previously closed at $74.57.

Analyst Upgrades and Downgrades

MSGE has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted 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. Guggenheim boosted their target price on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. BTIG Research reissued a “buy” rating on shares of Madison Square Garden Entertainment in a report on Thursday, May 21st. Susquehanna boosted their target price on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a report on Thursday, May 28th. Finally, Weiss Ratings downgraded shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $67.50.

Madison Square Garden Entertainment Stock Down 3.1%

The company has a debt-to-equity ratio of 11.40, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market capitalization of $2.95 billion, a PE ratio of 71.56 and a beta of 0.61. The business has a 50-day moving average of $67.26 and a 200 day moving average of $60.90.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Thursday, May 7th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates 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 return on equity of 4,795.27% and a net margin of 4.81%.Madison Square Garden Entertainment’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share. Equities research analysts predict that Madison Square Garden Entertainment Corp. will post 1.28 earnings per share for the current year.

Insider Transactions at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total transaction of $737,873.36. Following the sale, the executive vice president owned 15,772 shares of the company’s stock, valued at $1,174,698.56. This represents a 38.58% 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. 16.41% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of hedge funds have recently bought and sold shares of MSGE. Harbour Capital Advisors LLC purchased a new stake in Madison Square Garden Entertainment during the fourth quarter valued at approximately $1,075,000. Citigroup Inc. boosted its holdings in shares of Madison Square Garden Entertainment by 220.9% in the 3rd quarter. Citigroup Inc. now owns 59,436 shares of the company’s stock worth $2,689,000 after purchasing an additional 40,917 shares during the period. Northern Right Capital Management L.P. boosted its holdings in shares of 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 purchasing an additional 79,399 shares during the period. UBS Group AG boosted its holdings in shares of 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 purchasing an additional 66,070 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of 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 purchasing an additional 36,363 shares during the period. 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.