Madison Square Garden Entertainment (NYSE:MSGE) Price Target Raised to $86.00 at BTIG Research

Madison Square Garden Entertainment (NYSE:MSGE) had its price target upped by equities research analysts at BTIG Research from $70.00 to $86.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s price objective points to a potential upside of 29.91% from the company’s current price.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. raised their price objective on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the company a “neutral” rating in a research report on Wednesday, February 4th. Guggenheim increased their target price on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Weiss Ratings downgraded Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday. Finally, Wall Street Zen raised Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Madison Square Garden Entertainment has an average rating of “Moderate Buy” and an average price target of $63.67.

Madison Square Garden Entertainment Stock Down 1.1%

NYSE:MSGE traded down $0.75 during mid-day trading on Thursday, hitting $66.20. 487,309 shares of the company’s stock were exchanged, compared to its average volume of 339,721. The company has a market cap of $2.68 billion, a PE ratio of 61.25 and a beta of 0.61. The company has a debt-to-equity ratio of 15.40, a current ratio of 0.68 and a quick ratio of 0.68. Madison Square Garden Entertainment has a one year low of $35.31 and a one year high of $69.87. The business has a fifty day moving average price of $60.27 and a 200 day moving average price of $55.82.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). 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 $246.26 million for the quarter, compared to the consensus estimate of $242.99 million. During the same period in the prior year, the business posted $0.17 EPS. Madison Square Garden Entertainment’s revenue for the quarter was up 1.5% on a year-over-year basis. Equities analysts predict that Madison Square Garden Entertainment will post 1.16 EPS for the current year.

Insider Activity

In related news, Director Charles P. Dolan sold 19,311 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the completion of the sale, the director directly owned 660 shares in the company, valued at approximately $42,081.60. The trade was a 96.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 16.41% of the company’s stock.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Madison Square Garden Entertainment by 5.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock worth $775,000 after purchasing an additional 1,193 shares during the period. Millennium Management LLC purchased a new stake in Madison Square Garden Entertainment in the first quarter worth about $4,994,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Madison Square Garden Entertainment in the first quarter worth about $210,000. Jane Street Group LLC purchased a new position in shares of Madison Square Garden Entertainment during the 1st quarter valued at about $1,468,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Madison Square Garden Entertainment by 53.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company’s stock valued at $4,089,000 after acquiring an additional 35,678 shares during the period. 96.86% of the stock is currently owned by hedge funds and other 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.