Madison Square Garden Entertainment Corp. (NYSE:MSGE) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) have been given an average recommendation of “Moderate Buy” by the eight brokerages that are currently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $61.00.

A number of analysts recently commented on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Friday, March 27th. JPMorgan Chase & Co. lifted their price target on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a report on Wednesday, February 4th. BTIG Research assumed coverage on Madison Square Garden Entertainment in a report on Tuesday, April 7th. They set a “buy” rating and a $70.00 price target on the stock. Guggenheim lifted their price target on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, Wall Street Zen upgraded Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a report on Saturday, February 28th.

Insider Transactions at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $63.76, for a total value of $1,231,269.36. Following the completion of the sale, the director directly owned 660 shares of the company’s stock, valued at $42,081.60. This trade represents a 96.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 16.41% of the stock is owned by corporate insiders.

Institutional Trading of Madison Square Garden Entertainment

Large investors have recently bought and sold shares of the company. First Horizon Corp purchased a new stake in Madison Square Garden Entertainment in the fourth quarter worth $37,000. Aster Capital Management DIFC Ltd purchased a new stake in Madison Square Garden Entertainment in the fourth quarter worth $45,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in Madison Square Garden Entertainment in the fourth quarter worth $47,000. CIBC Private Wealth Group LLC increased its position in Madison Square Garden Entertainment by 3,248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock worth $67,000 after buying an additional 1,202 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in Madison Square Garden Entertainment in the third quarter worth $59,000. 96.86% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Stock Performance

Shares of Madison Square Garden Entertainment stock opened at $61.69 on Thursday. The business’s fifty day simple moving average is $59.89 and its 200 day simple moving average is $54.54. The firm has a market capitalization of $2.49 billion, a P/E ratio of 57.12 and a beta of 0.48. Madison Square Garden Entertainment has a 12 month low of $30.98 and a 12 month high of $65.26. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 15.40.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.41). The business had revenue of $459.94 million for the quarter, compared to the consensus estimate of $448.21 million. Madison Square Garden Entertainment had a negative return on equity of 748.04% and a net margin of 5.12%.The business’s revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.56 earnings per share. As a group, analysts anticipate that Madison Square Garden Entertainment will post 1.16 EPS for the current 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.