Madison Square Garden Entertainment (NYSE:MSGE) Shares Gap Down to $39.88

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) gapped down before the market opened on Thursday . The stock had previously closed at $39.88, but opened at $36.55. Madison Square Garden Entertainment shares last traded at $36.30, with a volume of 87,188 shares changing hands.

Madison Square Garden Entertainment Stock Performance

The stock has a 50 day moving average price of $38.85 and a 200 day moving average price of $34.61. The company has a market cap of $1.54 billion and a P/E ratio of 23.84.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Wednesday, February 7th. The company reported $2.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.69. Madison Square Garden Entertainment had a net margin of 8.03% and a negative return on equity of 94.05%. The company had revenue of $402.67 million for the quarter, compared to analysts’ expectations of $385.92 million. During the same quarter in the previous year, the company posted $1.95 EPS. The business’s revenue was up 13.1% compared to the same quarter last year. As a group, equities research analysts predict that Madison Square Garden Entertainment Corp. will post 1.08 earnings per share for the current year.

Insider Activity

In related news, CEO James Lawrence Dolan sold 24,284 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $37.31, for a total value of $906,036.04. Following the completion of the sale, the chief executive officer now owns 360,242 shares in the company, valued at approximately $13,440,629.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 190,080 shares of company stock valued at $7,221,633 over the last three months. Insiders own 18.72% of the company’s stock.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Hedge funds have recently modified their holdings of the stock. Entropy Technologies LP acquired a new position in shares of Madison Square Garden Entertainment during the 1st quarter worth $287,000. ProShare Advisors LLC increased its holdings in shares of Madison Square Garden Entertainment by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 7,143 shares of the company’s stock valued at $280,000 after acquiring an additional 561 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Madison Square Garden Entertainment by 110.7% in the 1st quarter. Russell Investments Group Ltd. now owns 104,538 shares of the company’s stock valued at $4,099,000 after acquiring an additional 54,918 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Madison Square Garden Entertainment in the 1st quarter worth approximately $905,000. Finally, Central Pacific Bank Trust Division acquired a new stake in Madison Square Garden Entertainment in the 1st quarter worth approximately $319,000. 96.86% of the stock is owned by institutional investors and hedge funds.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. engages in live entertainment business. The company produces, presents, and hosts live entertainment events, including concerts, sports events, and other live events, such as family shows, performing arts events, and special events. Its operations include a collection of venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production.