Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 1-Year High – Should You Buy?

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $82.78 and last traded at $78.7420, with a volume of 1800003 shares. The stock had previously closed at $80.30.

Analyst Ratings Changes

A number of research firms have commented on MSGE. 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. Guggenheim boosted 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 note on Thursday, April 16th. Seaport Research Partners restated a “neutral” rating on shares of Madison Square Garden Entertainment in a report on Monday. Finally, Morgan Stanley increased their price objective on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 23rd. One 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $73.50.

Madison Square Garden Entertainment Price Performance

The company’s 50-day moving average price is $70.17 and its 200-day moving average price is $62.55. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of 79.22 and a beta of 0.61.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.11 earnings per share 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 business had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. During the same quarter last year, the firm posted $0.17 EPS. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, equities research analysts forecast that Madison Square Garden Entertainment Corp. will post 1.34 EPS for the current year.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, 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 transaction, the executive vice president owned 15,772 shares of the company’s stock, valued at $1,174,698.56. This trade represents a 38.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 16.41% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jericho Capital Asset Management L.P. raised its position in Madison Square Garden Entertainment by 26.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock valued at $197,384,000 after purchasing an additional 777,000 shares in the last quarter. Millennium Management LLC grew its position in shares of Madison Square Garden Entertainment by 2,037.6% during the third quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock worth $26,651,000 after buying an additional 561,537 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Madison Square Garden Entertainment by 324.8% during the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock worth $26,670,000 after buying an additional 510,191 shares during the period. Nuveen LLC raised its holdings in Madison Square Garden Entertainment by 86.4% in the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock valued at $39,042,000 after acquiring an additional 335,890 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in Madison Square Garden Entertainment in the fourth quarter valued at approximately $13,473,000. 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.