The Goldman Sachs Group Reiterates Neutral Rating for Madison Square Garden Entertainment (NYSE:MSGE)

Madison Square Garden Entertainment (NYSE:MSGE)‘s stock had its “neutral” rating reissued by equities research analysts at The Goldman Sachs Group in a report released on Thursday,Benzinga reports. They currently have a $82.00 target price on the stock, up from their prior target price of $72.00. The Goldman Sachs Group’s price target suggests a potential upside of 10.06% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Susquehanna lifted their target price on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a report on Thursday, May 28th. Morgan Stanley upped their target price on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 23rd. Wall Street Zen cut shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings downgraded shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Madison Square Garden Entertainment has an average rating of “Hold” and a consensus price target of $78.50.

Madison Square Garden Entertainment Stock Performance

NYSE:MSGE opened at $74.51 on Thursday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40. The firm’s fifty day simple moving average is $71.89 and its 200 day simple moving average is $63.56. The stock has a market cap of $3.01 billion, a P/E ratio of 73.05 and a beta of 0.54. Madison Square Garden Entertainment has a twelve month low of $35.31 and a twelve month high of $82.79.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data 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 return on equity of 4,795.27% and a net margin of 4.81%.The company had revenue of $246.26 million during the quarter, compared to the consensus estimate of $242.99 million. During the same quarter last year, the company posted $0.17 earnings per share. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, research analysts predict that Madison Square Garden Entertainment will post 1.34 EPS for the current year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harbour Capital Advisors LLC bought a new position in shares of Madison Square Garden Entertainment during the 4th quarter valued at $1,075,000. Northern Right Capital Management L.P. grew its holdings in shares of Madison Square Garden Entertainment by 20.0% in the third quarter. Northern Right Capital Management L.P. now owns 475,942 shares of the company’s stock worth $21,532,000 after acquiring an additional 79,399 shares during the period. UBS Group AG grew its holdings in shares of Madison Square Garden Entertainment by 28.9% in the fourth quarter. UBS Group AG now owns 294,984 shares of the company’s stock worth $15,897,000 after acquiring an additional 66,070 shares during the period. Assenagon Asset Management S.A. increased its position in Madison Square Garden Entertainment by 3.5% during 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 acquiring an additional 36,363 shares during the last quarter. Finally, IMC Chicago LLC purchased a new stake in Madison Square Garden Entertainment during the fourth quarter valued at $2,162,000. Institutional investors 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.