Madison Square Garden Entertainment Corp. (NYSE:MSGE) Receives $91.62 Average Target Price from Brokerages

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) have been given a consensus recommendation of “Moderate Buy” by the eleven ratings firms that are currently covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $91.6250.

A number of analysts have recently weighed in on MSGE shares. Zacks Research upgraded shares of Madison Square Garden Entertainment from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. Piper Sandler started coverage on shares of Madison Square Garden Entertainment in a report on Thursday, August 20th. They issued a “neutral” rating and a $86.00 price target for the company. Guggenheim lifted 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. JPMorgan Chase & Co. boosted their price objective on Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a “neutral” rating in a research note on Thursday, August 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Friday, July 31st.

Madison Square Garden Entertainment Trading Down 0.5%

MSGE stock opened at $77.31 on Wednesday. The firm has a fifty day moving average price of $78.24 and a 200 day moving average price of $69.24. Madison Square Garden Entertainment has a fifty-two week low of $39.85 and a fifty-two week high of $90.41. The company has a debt-to-equity ratio of 11.80, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market cap of $3.13 billion, a PE ratio of 56.02 and a beta of 0.56.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results 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. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The company had revenue of $196.32 million for the quarter, compared to the consensus estimate of $166.62 million. During the same quarter in the prior year, the firm earned ($0.57) earnings per share. Madison Square Garden Entertainment’s revenue was up 27.4% on a year-over-year basis. Sell-side analysts anticipate that Madison Square Garden Entertainment will post 2.5 earnings per share for the current fiscal year.

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was 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 approximately $1,174,698.56. The trade was a 38.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 16.41% of the company’s stock.

Institutional Trading of Madison Square Garden Entertainment

A number of institutional investors have recently bought and sold shares of MSGE. Aster Capital Management DIFC Ltd purchased a new position in Madison Square Garden Entertainment during the fourth quarter worth $45,000. Nykredit A S purchased a new stake in shares of Madison Square Garden Entertainment in the second quarter valued at $46,000. State of Wyoming bought a new stake in shares of Madison Square Garden Entertainment in the 2nd quarter worth about $62,000. CIBC Private Wealth Group LLC lifted its holdings in shares of Madison Square Garden Entertainment by 3,248.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock worth $67,000 after acquiring an additional 1,202 shares during the last quarter. Finally, CWM LLC lifted its holdings in shares of Madison Square Garden Entertainment by 15.1% in the 4th quarter. CWM LLC now owns 1,723 shares of the company’s stock worth $93,000 after acquiring an additional 226 shares during the last quarter. 96.86% of the stock is currently owned by institutional investors.

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.