Madison Square Garden Entertainment (NYSE:MSGE) Upgraded by Wall Street Zen to “Buy” Rating

Wall Street Zen upgraded shares of Madison Square Garden Entertainment (NYSE:MSGE) from a hold rating to a buy rating in a research note released on Saturday.

Other equities research analysts also recently issued research reports about the stock. Guggenheim increased their target price on shares of Madison Square Garden Entertainment from $82.00 to $103.00 and gave the stock a “buy” rating in a research report on Wednesday. The Goldman Sachs Group restated a “neutral” rating and set a $82.00 price target (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. JPMorgan Chase & Co. upped their price target on shares of Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a “neutral” rating in a research note on Thursday. Susquehanna increased their price objective on Madison Square Garden Entertainment from $80.00 to $103.00 and gave the stock a “positive” rating in a report on Thursday. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Friday, July 31st. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $92.43.

Madison Square Garden Entertainment Trading Up 1.3%

NYSE:MSGE opened at $85.38 on Friday. The company has a debt-to-equity ratio of 11.80, a current ratio of 0.70 and a quick ratio of 0.72. Madison Square Garden Entertainment has a fifty-two week low of $36.05 and a fifty-two week high of $90.41. The stock’s 50-day moving average is $76.76 and its two-hundred day moving average is $67.54. The stock has a market cap of $3.45 billion, a PE ratio of 61.87 and a beta of 0.56.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.23. The company had revenue of $196.32 million for the quarter, compared to the consensus estimate of $166.62 million. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%.The firm’s quarterly revenue was up 27.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.57) EPS. As a group, equities research analysts forecast that Madison Square Garden Entertainment will post 2.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the 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 transaction, the executive vice president directly 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 filing with the SEC, which is available through the SEC website. 16.41% of the stock is owned by insiders.

Institutional Trading of Madison Square Garden Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. First Horizon Corp acquired a new stake in shares of Madison Square Garden Entertainment in the fourth quarter worth $37,000. Aster Capital Management DIFC Ltd acquired a new position in Madison Square Garden Entertainment in the 4th quarter valued at $45,000. Atlantic Edge Private Wealth Management LLC acquired a new position in Madison Square Garden Entertainment in the 4th quarter valued at $47,000. State of Wyoming bought a new position in Madison Square Garden Entertainment in the 2nd quarter worth $62,000. Finally, CIBC Private Wealth Group LLC raised its holdings in Madison Square Garden Entertainment by 3,248.6% in the 4th 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 period. Institutional investors and hedge funds 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.