Madison Square Garden Entertainment (NYSE:MSGE) Hits New 52-Week High Following Analyst Upgrade

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) reached a new 52-week high on Tuesday after Morgan Stanley raised their price target on the stock from $70.00 to $80.00. Morgan Stanley currently has an equal weight rating on the stock. Madison Square Garden Entertainment traded as high as $76.48 and last traded at $76.4210, with a volume of 22432 shares. The stock had previously closed at $75.32.

MSGE has been the topic of several other research reports. Weiss Ratings lowered shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. Guggenheim increased their price objective on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Susquehanna raised their price objective on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a research note on Thursday, May 28th. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, JPMorgan Chase & Co. increased their price target on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Madison Square Garden Entertainment presently has an average rating of “Moderate Buy” and an average price target of $73.50.

Insider Buying and Selling at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of Madison Square Garden Entertainment stock in a transaction that occurred 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 owned 15,772 shares of the company’s stock, valued at $1,174,698.56. This trade represents a 38.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 16.41% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Madison Square Garden Entertainment by 5.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock valued at $775,000 after buying an additional 1,193 shares in the last quarter. Millennium Management LLC acquired a new position in Madison Square Garden Entertainment in the first quarter valued at about $4,994,000. Dynamic Technology Lab Private Ltd acquired a new position in Madison Square Garden Entertainment in the first quarter valued at about $210,000. Jane Street Group LLC bought a new stake in shares of Madison Square Garden Entertainment in the first quarter worth about $1,468,000. Finally, JPMorgan Chase & Co. raised its position in shares of Madison Square Garden Entertainment by 53.5% during the second quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company’s stock worth $4,089,000 after purchasing an additional 35,678 shares during the period. 96.86% of the stock is owned by institutional investors.

Madison Square Garden Entertainment Stock Performance

The company has a debt-to-equity ratio of 11.40, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 75.01 and a beta of 0.61. The stock has a 50-day moving average price of $68.68 and a 200 day moving average price of $61.77.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The business had revenue of $246.26 million for the quarter, compared to the consensus estimate of $242.99 million. During the same period in the previous year, the company posted $0.17 earnings per share. Madison Square Garden Entertainment’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.28 EPS for the current fiscal year.

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.