Madison Square Garden Entertainment (NYSE:MSGE) Posts Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Madison Square Garden Entertainment (NYSE:MSGE) released its earnings results on Thursday. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.13, Zacks reports. The business had revenue of $158.26 million during the quarter, compared to analysts’ expectations of $156.62 million. Madison Square Garden Entertainment had a return on equity of 2,102.70% and a net margin of 3.65%.The firm’s revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.40) earnings per share.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE traded up $2.34 during mid-day trading on Friday, hitting $46.61. The stock had a trading volume of 496,618 shares, compared to its average volume of 315,283. Madison Square Garden Entertainment has a 52 week low of $28.29 and a 52 week high of $48.09. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.47 and a quick ratio of 0.47. The business has a fifty day moving average price of $44.16 and a 200-day moving average price of $39.95. The firm has a market cap of $1.88 billion, a P/E ratio of 50.01 and a beta of 0.48.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Wyoming bought a new position in Madison Square Garden Entertainment during the second quarter worth about $62,000. Raymond James Financial Inc. purchased a new stake in shares of Madison Square Garden Entertainment during the 2nd quarter valued at approximately $96,000. Osaic Holdings Inc. lifted its stake in shares of Madison Square Garden Entertainment by 32.0% during the 2nd quarter. Osaic Holdings Inc. now owns 3,138 shares of the company’s stock valued at $125,000 after buying an additional 760 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Madison Square Garden Entertainment in the 1st quarter worth approximately $210,000. Finally, Captrust Financial Advisors purchased a new position in Madison Square Garden Entertainment in the 2nd quarter valued at approximately $235,000. 96.86% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MSGE has been the subject of a number of research analyst reports. The Goldman Sachs Group boosted their target price on Madison Square Garden Entertainment from $42.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Wall Street Zen upgraded shares of Madison Square Garden Entertainment from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings restated a “hold (c-)” rating on shares of Madison Square Garden Entertainment in a report on Wednesday, October 8th. JPMorgan Chase & Co. increased their price objective on shares of Madison Square Garden Entertainment from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Morgan Stanley boosted their price objective on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 12th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $45.50.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.