Madison Square Garden Entertainment (NYSE:MSGE) Rating Lowered to Hold at Wall Street Zen

Madison Square Garden Entertainment (NYSE:MSGE) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

A number of other equities analysts have also recently issued reports on the company. Wolfe Research cut Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday, December 15th. JPMorgan Chase & Co. lifted their price target on Madison Square Garden Entertainment from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, November 7th. Susquehanna upped their price objective on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the company a “positive” rating in a research note on Thursday, December 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Monday, December 15th. Finally, The Goldman Sachs Group boosted their price target on shares of Madison Square Garden Entertainment from $42.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, October 1st. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Madison Square Garden Entertainment has an average rating of “Hold” and an average price target of $49.17.

Madison Square Garden Entertainment Stock Up 1.2%

NYSE MSGE opened at $52.54 on Friday. Madison Square Garden Entertainment has a 12 month low of $28.29 and a 12 month high of $55.75. The company has a market capitalization of $2.12 billion, a P/E ratio of 75.06 and a beta of 0.43. The company’s 50 day simple moving average is $47.89 and its 200 day simple moving average is $43.04. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.48 and a quick ratio of 0.48.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.13. The firm had revenue of $158.26 million for the quarter, compared to analyst estimates of $156.62 million. Madison Square Garden Entertainment had a net margin of 3.65% and a negative return on equity of 310.15%. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.40) earnings per share. Equities research analysts expect that Madison Square Garden Entertainment will post 1.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of large investors have recently made changes to their positions in the business. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Madison Square Garden Entertainment in the first quarter worth approximately $40,000. CWM LLC increased its position in Madison Square Garden Entertainment by 623.8% in the 2nd quarter. CWM LLC now owns 1,035 shares of the company’s stock worth $41,000 after purchasing an additional 892 shares during the last quarter. Cullen Frost Bankers Inc. raised its position in Madison Square Garden Entertainment by 163.0% during the second quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company’s stock valued at $43,000 after acquiring an additional 673 shares in the last quarter. State of Alaska Department of Revenue bought a new position in shares of Madison Square Garden Entertainment during the 3rd quarter valued at $59,000. Finally, State of Wyoming bought a new position in Madison Square Garden Entertainment during the second quarter valued at about $62,000. Institutional investors and hedge funds own 96.86% of the company’s stock.

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.