Madison Square Garden Entertainment (NYSE:MSGE) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Madison Square Garden Entertainment (NYSE:MSGE) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

Several other equities analysts also recently commented on the company. Susquehanna upped their price objective on Madison Square Garden Entertainment from $51.00 to $61.00 and gave the company a “positive” rating in a research note on Thursday, December 11th. JPMorgan Chase & Co. increased 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. Guggenheim increased their price objective on Madison Square Garden Entertainment from $62.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Wolfe Research downgraded shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. Finally, The Goldman Sachs Group restated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE stock opened at $61.95 on Friday. Madison Square Garden Entertainment has a 52-week low of $28.29 and a 52-week high of $62.76. The company has a 50-day simple moving average of $54.75 and a two-hundred day simple moving average of $46.87. The company has a market capitalization of $2.50 billion, a price-to-earnings ratio of 88.50 and a beta of 0.40.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.46) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.13. The company had revenue of $158.26 million during the quarter, compared to the consensus estimate of $156.62 million. Madison Square Garden Entertainment had a negative return on equity of 310.15% and a net margin of 3.65%.Madison Square Garden Entertainment’s revenue was up 14.1% on a year-over-year basis. During the same period last year, the business posted ($0.40) earnings per share. On average, sell-side analysts forecast that Madison Square Garden Entertainment will post 1.04 EPS for the current fiscal year.

Institutional Trading of Madison Square Garden Entertainment

Several large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Madison Square Garden Entertainment by 5.3% during 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 bought a new stake in shares of Madison Square Garden Entertainment in the 1st quarter worth $4,994,000. Dynamic Technology Lab Private Ltd bought a new stake in Madison Square Garden Entertainment in the 1st quarter worth about $210,000. Jane Street Group LLC purchased a new position in shares of Madison Square Garden Entertainment during the first quarter valued at approximately $1,468,000. Finally, Boyar Asset Management Inc. grew its holdings in shares of Madison Square Garden Entertainment by 2.8% in the second quarter. Boyar Asset Management Inc. now owns 45,658 shares of the company’s stock worth $1,825,000 after acquiring an additional 1,264 shares during the period. 96.86% of the stock is owned by institutional investors.

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.