Madison Square Garden Entertainment (NYSE:MSGE) Sets New 1-Year High – Here’s What Happened

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $73.00 and last traded at $71.58, with a volume of 914 shares traded. The stock had previously closed at $72.08.

Analyst Ratings Changes

MSGE has been the topic of a number of analyst reports. BTIG Research restated a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. JPMorgan Chase & Co. increased their price objective on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Guggenheim upped their price target on shares of 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. Finally, Weiss Ratings cut shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $67.50.

Madison Square Garden Entertainment Price Performance

The company has a market cap of $2.90 billion, a price-to-earnings ratio of 70.24 and a beta of 0.61. The company has a fifty day simple moving average of $64.83 and a two-hundred day simple moving average of $59.46. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.03). Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The firm had revenue of $246.26 million for the quarter, compared to analyst estimates of $242.99 million. During the same period last year, the firm earned $0.17 EPS. The company’s quarterly revenue was up 1.5% compared to the same quarter last year. On average, equities research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.28 earnings per share for the current fiscal year.

Institutional Trading of Madison Square Garden Entertainment

Several institutional investors and hedge funds have recently modified their holdings of MSGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake 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 worth $775,000 after purchasing an additional 1,193 shares in the last quarter. Millennium Management LLC purchased a new stake in Madison Square Garden Entertainment in the 1st quarter valued at approximately $4,994,000. Dynamic Technology Lab Private Ltd purchased a new stake in Madison Square Garden Entertainment in the 1st quarter valued at approximately $210,000. Jane Street Group LLC acquired a new stake in Madison Square Garden Entertainment during the 1st quarter valued at $1,468,000. Finally, JPMorgan Chase & Co. grew its holdings in 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 buying an additional 35,678 shares during the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.

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.