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

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $75.15 and last traded at $75.1370, with a volume of 39973 shares trading hands. The stock had previously closed at $74.57.

Analyst Ratings Changes

A number of research firms have recently weighed in on MSGE. Susquehanna boosted their price target on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a report on Thursday, May 28th. BTIG Research reiterated a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. upped their target price on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Finally, Guggenheim lifted 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 report on Thursday, April 16th. 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $67.50.

Madison Square Garden Entertainment Price Performance

The company has a 50 day moving average of $66.70 and a 200 day moving average of $60.54. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of 73.90 and a beta of 0.61. 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 posted its quarterly earnings results on Thursday, May 7th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.03). Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The business had revenue of $246.26 million during the quarter, compared to analysts’ expectations of $242.99 million. During the same quarter last year, the firm earned $0.17 EPS. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. As a group, equities research analysts forecast that Madison Square Garden Entertainment Corp. will post 1.28 EPS for the current fiscal year.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 9,907 shares of Madison Square Garden Entertainment stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total value of $737,873.36. Following the transaction, the executive vice president owned 15,772 shares in the company, valued at $1,174,698.56. This trade represents a 38.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 16.41% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Bank of America Corp DE boosted its holdings in Madison Square Garden Entertainment by 27.7% in the first quarter. Bank of America Corp DE now owns 223,411 shares of the company’s stock valued at $13,161,000 after acquiring an additional 48,453 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Madison Square Garden Entertainment by 27.8% in the 1st quarter. California State Teachers Retirement System now owns 46,216 shares of the company’s stock worth $2,723,000 after purchasing an additional 10,064 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Madison Square Garden Entertainment by 1.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 17,519 shares of the company’s stock worth $1,032,000 after purchasing an additional 212 shares during the period. Quantinno Capital Management LP lifted its stake in shares of Madison Square Garden Entertainment by 63.5% in the 1st quarter. Quantinno Capital Management LP now owns 13,322 shares of the company’s stock valued at $785,000 after purchasing an additional 5,174 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its stake in shares of Madison Square Garden Entertainment by 299.4% in the 1st quarter. Lazard Asset Management LLC now owns 41,326 shares of the company’s stock valued at $2,435,000 after purchasing an additional 30,979 shares in the last quarter. 96.86% of the stock is 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.