Piper Sandler Initiates Coverage on Madison Square Garden Entertainment (NYSE:MSGE)

Equities researchers at Piper Sandler initiated coverage on shares of Madison Square Garden Entertainment (NYSE:MSGE) in a research report issued on Thursday,Benzinga reports. The firm set a “neutral” rating and a $86.00 price target on the stock. Piper Sandler’s target price suggests a potential upside of 4.28% from the company’s current price.

MSGE has been the topic of a number of other research reports. Zacks Research upgraded Madison Square Garden Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Monday. Guggenheim upped their target price on Madison Square Garden Entertainment from $82.00 to $103.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Bank of America upped their target price on Madison Square Garden Entertainment from $80.00 to $96.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Susquehanna increased their target price on Madison Square Garden Entertainment from $80.00 to $103.00 and gave the company a “positive” rating in a research report on Thursday, August 13th. Finally, Seaport Research Partners reissued a “neutral” rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Madison Square Garden Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Madison Square Garden Entertainment Trading Up 0.7%

Shares of Madison Square Garden Entertainment stock opened at $82.47 on Thursday. The firm has a 50-day simple moving average of $77.40 and a two-hundred day simple moving average of $68.07. The company has a market cap of $3.34 billion, a P/E ratio of 59.76 and a beta of 0.56. Madison Square Garden Entertainment has a fifty-two week low of $36.67 and a fifty-two week high of $90.41. The company has a debt-to-equity ratio of 11.80, a quick ratio of 0.70 and a current ratio of 0.70.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Wednesday, August 12th. The company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.23. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%.The firm had revenue of $196.32 million for the quarter, compared to analysts’ expectations of $166.62 million. During the same period last year, the firm earned ($0.57) EPS. The company’s quarterly revenue was up 27.4% on a year-over-year basis. As a group, equities analysts predict that Madison Square Garden Entertainment will post 2.48 earnings per share for the current fiscal year.

Insider Transactions at Madison Square Garden Entertainment

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

Institutional Trading of Madison Square Garden Entertainment

Institutional investors have recently made changes to their positions in the company. Deutsche Bank AG increased its position in shares of Madison Square Garden Entertainment by 0.6% during the fourth quarter. Deutsche Bank AG now owns 32,473 shares of the company’s stock worth $1,750,000 after purchasing an additional 181 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Madison Square Garden Entertainment by 1.2% during 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 last quarter. CWM LLC grew its position in shares of Madison Square Garden Entertainment by 15.1% in the fourth quarter. CWM LLC now owns 1,723 shares of the company’s stock valued at $93,000 after purchasing an additional 226 shares in the last quarter. Orion Porfolio Solutions LLC grew its position in shares of Madison Square Garden Entertainment by 1.9% in the second quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company’s stock valued at $906,000 after purchasing an additional 418 shares in the last quarter. Finally, XTX Topco Ltd increased its holdings in shares of Madison Square Garden Entertainment by 5.2% in the fourth quarter. XTX Topco Ltd now owns 8,681 shares of the company’s stock valued at $468,000 after purchasing an additional 427 shares during the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.

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.