MSG Entertainment (NYSE:MSGE) Hits New 1-Year Low – Here’s What Happened

Shares of MSG Entertainment (NYSE:MSGE) reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $30.56 and last traded at $30.65, with a volume of 408941 shares traded. The stock had previously closed at $31.85.

Analysts Set New Price Targets

Several research firms have issued reports on MSGE. Wolfe Research raised MSG Entertainment from a “peer perform” rating to an “outperform” rating and set a $46.00 target price for the company in a research note on Tuesday. Macquarie reaffirmed an “outperform” rating and issued a $45.00 price objective on shares of MSG Entertainment in a research note on Monday, February 10th.

MSG Entertainment Price Performance

The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 12.11, a PEG ratio of 5.09 and a beta of 0.11. The stock has a 50 day moving average price of $35.41 and a two-hundred day moving average price of $37.90. The company has a debt-to-equity ratio of 56.61, a current ratio of 0.54 and a quick ratio of 0.54.

MSG Entertainment (NYSE:MSGE) last released its earnings results on Thursday, February 6th. The company reported $1.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.16 by ($0.60). MSG Entertainment had a net margin of 13.15% and a negative return on equity of 323.63%. As a group, analysts expect that MSG Entertainment will post 1.04 EPS for the current year.

Insider Activity at MSG Entertainment

In other MSG Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of MSG Entertainment stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $30.96, for a total transaction of $2,078,747.28. Following the completion of the sale, the insider now directly owns 6,015 shares of the company’s stock, valued at $186,224.40. The trade was a 91.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 17.85% of the stock is currently owned by company insiders.

Institutional Trading of MSG Entertainment

Institutional investors have recently bought and sold shares of the business. Exchange Traded Concepts LLC lifted its holdings in MSG Entertainment by 111.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 29,860 shares of the company’s stock worth $1,063,000 after buying an additional 15,756 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its holdings in MSG Entertainment by 131.7% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 15,802 shares of the company’s stock worth $563,000 after buying an additional 8,983 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in MSG Entertainment by 21.1% during the 4th quarter. Handelsbanken Fonder AB now owns 9,200 shares of the company’s stock worth $328,000 after buying an additional 1,600 shares during the last quarter. Bleakley Financial Group LLC lifted its holdings in shares of MSG Entertainment by 16.5% in the 4th quarter. Bleakley Financial Group LLC now owns 8,320 shares of the company’s stock valued at $296,000 after purchasing an additional 1,178 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of MSG Entertainment by 8.0% in the 4th quarter. Principal Financial Group Inc. now owns 20,011 shares of the company’s stock valued at $712,000 after purchasing an additional 1,479 shares during the period. 96.86% of the stock is owned by hedge funds and other institutional investors.

MSG Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.