Madison Square Garden Entertainment (NYSE:MSGE) Price Target Raised to $70.00

Madison Square Garden Entertainment (NYSE:MSGE) had its target price boosted by Guggenheim from $62.00 to $70.00 in a research note issued to investors on Thursday,Benzinga reports. Guggenheim currently has a buy rating on the stock.

Several other research firms have also issued reports on MSGE. JPMorgan Chase & Co. lifted their price target on shares of Madison Square Garden Entertainment from $47.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, January 15th. Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, December 20th. Wolfe Research downgraded shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday, December 15th. The Goldman Sachs Group reiterated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research note on Monday, January 5th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Madison Square Garden Entertainment Price Performance

MSGE stock opened at $61.22 on Thursday. The business has a 50 day simple moving average of $53.37 and a two-hundred day simple moving average of $46.12. Madison Square Garden Entertainment has a 1-year low of $28.29 and a 1-year high of $61.88. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 87.46 and a beta of 0.40.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.13. The business had revenue of $158.26 million for the quarter, compared to analysts’ expectations 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 business’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.40) EPS. Sell-side analysts anticipate that Madison Square Garden Entertainment will post 1.04 EPS for the current fiscal year.

Institutional Trading of Madison Square Garden Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Perigon Wealth Management LLC acquired a new position in Madison Square Garden Entertainment during the 4th quarter worth approximately $261,000. Exchange Traded Concepts LLC increased its holdings in shares of Madison Square Garden Entertainment by 26.3% in the 4th quarter. Exchange Traded Concepts LLC now owns 26,929 shares of the company’s stock valued at $1,451,000 after purchasing an additional 5,600 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Madison Square Garden Entertainment by 253.7% in the 4th quarter. SG Americas Securities LLC now owns 13,959 shares of the company’s stock valued at $752,000 after purchasing an additional 10,012 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in 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 valued at $57,670,000 after purchasing an additional 36,363 shares in the last quarter. Finally, Harbour Capital Advisors LLC purchased a new position in shares of Madison Square Garden Entertainment in the fourth quarter valued at $1,075,000. Hedge funds and other institutional investors 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.