Kerrisdale Advisers LLC Sells 25,005 Shares of Madison Square Garden Entertainment Corp. $MSGE

Kerrisdale Advisers LLC reduced its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 80.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,064 shares of the company’s stock after selling 25,005 shares during the period. Kerrisdale Advisers LLC’s holdings in Madison Square Garden Entertainment were worth $491,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd purchased a new position in Madison Square Garden Entertainment in the fourth quarter worth about $45,000. State of Wyoming bought a new position in shares of Madison Square Garden Entertainment in the 2nd quarter worth approximately $62,000. CIBC Private Wealth Group LLC boosted its holdings in shares of Madison Square Garden Entertainment by 3,248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock worth $67,000 after buying an additional 1,202 shares during the last quarter. CWM LLC boosted its holdings in shares of Madison Square Garden Entertainment by 15.1% in the fourth quarter. CWM LLC now owns 1,723 shares of the company’s stock worth $93,000 after buying an additional 226 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Madison Square Garden Entertainment during the second quarter valued at approximately $96,000. Hedge funds and other institutional investors own 96.86% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the firm’s 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 completion of the transaction, the executive vice president directly owned 15,772 shares of the company’s stock, valued at approximately $1,174,698.56. This trade represents a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 16.41% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

NYSE MSGE opened at $78.31 on Monday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 11.80. Madison Square Garden Entertainment Corp. has a twelve month low of $39.85 and a twelve month high of $90.41. The business has a 50-day moving average price of $78.17 and a 200-day moving average price of $68.99. The firm has a market cap of $3.17 billion, a price-to-earnings ratio of 56.75 and a beta of 0.56.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.23. The business had revenue of $196.32 million during the quarter, compared to analyst estimates of $166.62 million. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The company’s revenue was up 27.4% on a year-over-year basis. During the same period last year, the firm posted ($0.57) EPS. As a group, equities research analysts predict that Madison Square Garden Entertainment Corp. will post 2.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MSGE has been the topic of several recent research reports. Seaport Research Partners reiterated a “neutral” rating on shares of Madison Square Garden Entertainment in a research report on Monday, June 29th. BTIG Research upped their price objective on Madison Square Garden Entertainment from $86.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Zacks Research upgraded Madison Square Garden Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 17th. Susquehanna boosted their price target on Madison Square Garden Entertainment from $80.00 to $103.00 and gave the company a “positive” rating in a report on Thursday, August 13th. Finally, Guggenheim upped their price target on Madison Square Garden Entertainment from $82.00 to $103.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

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.