Madison Square Garden Entertainment (NYSE:MSGE) Hits New 52-Week High – Should You Buy?

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s share price reached a new 52-week high on Tuesday . The company traded as high as $63.28 and last traded at $62.28, with a volume of 18526 shares trading hands. The stock had previously closed at $62.51.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MSGE shares. Guggenheim upped their target price on shares of Madison Square Garden Entertainment from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, February 3rd. JPMorgan Chase & Co. boosted their target price on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 4th. Wall Street Zen cut Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th. Finally, Wolfe Research downgraded shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Madison Square Garden Entertainment currently has an average rating of “Moderate Buy” and an average price target of $56.67.

Madison Square Garden Entertainment Price Performance

The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of 58.58 and a beta of 0.39. The company has a fifty day simple moving average of $57.12 and a two-hundred day simple moving average of $48.55. The company has a debt-to-equity ratio of 15.40, a quick ratio of 0.68 and a current ratio of 0.68.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Tuesday, February 3rd. The company reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.41). Madison Square Garden Entertainment had a net margin of 5.12% and a negative return on equity of 748.04%. The business had revenue of $459.94 million during the quarter, compared to analysts’ expectations of $448.21 million. During the same period in the prior year, the firm earned $1.56 EPS. Madison Square Garden Entertainment’s revenue for the quarter was up 12.9% on a year-over-year basis. As a group, research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of hedge funds have recently made changes to their positions in the stock. Ariel Investments LLC lifted its stake in shares of Madison Square Garden Entertainment by 1.6% in the 2nd quarter. Ariel Investments LLC now owns 7,896,008 shares of the company’s stock valued at $315,603,000 after purchasing an additional 120,635 shares in the last quarter. Dendur Capital LP increased its holdings in Madison Square Garden Entertainment by 8.0% in the 4th quarter. Dendur Capital LP now owns 1,220,000 shares of the company’s stock valued at $65,746,000 after purchasing an additional 90,000 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Madison Square Garden Entertainment by 3.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,070,137 shares of the company’s stock valued at $57,670,000 after purchasing an additional 36,363 shares during the period. Geode Capital Management LLC lifted its stake in shares of Madison Square Garden Entertainment by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 979,614 shares of the company’s stock worth $52,800,000 after purchasing an additional 4,051 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Madison Square Garden Entertainment by 0.9% in the fourth quarter. State Street Corp now owns 894,786 shares of the company’s stock worth $48,220,000 after buying an additional 7,732 shares during the period. Institutional investors and hedge funds own 96.86% of the company’s stock.

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.