Madison Square Garden Entertainment (NYSE:MSGE) Posts Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Madison Square Garden Entertainment (NYSE:MSGE) announced its quarterly earnings results on Thursday. The company reported ($0.46) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.13, Zacks reports. The business had revenue of $158.26 million for the quarter, compared to analysts’ expectations of $156.62 million. Madison Square Garden Entertainment had a return on equity of 2,102.70% and a net margin of 3.65%.The business’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.40) EPS.

Madison Square Garden Entertainment Price Performance

Shares of MSGE stock traded up $2.34 during mid-day trading on Friday, hitting $46.61. 496,618 shares of the stock traded hands, compared to its average volume of 315,283. Madison Square Garden Entertainment has a twelve month low of $28.29 and a twelve month high of $48.09. The company has a debt-to-equity ratio of 60.61, a quick ratio of 0.47 and a current ratio of 0.47. The company’s 50-day simple moving average is $44.16 and its 200-day simple moving average is $39.95. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 66.59 and a beta of 0.48.

Analysts Set New Price Targets

MSGE has been the subject of a number of recent research reports. Wall Street Zen upgraded Madison Square Garden Entertainment from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings restated a “hold (c-)” rating on shares of Madison Square Garden Entertainment in a research report on Wednesday, October 8th. The Goldman Sachs Group lifted their target price on Madison Square Garden Entertainment from $42.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. JPMorgan Chase & Co. boosted their price target on Madison Square Garden Entertainment from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Morgan Stanley raised their price target on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an “equal weight” rating in a report on Tuesday, August 12th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.50.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Jane Street Group LLC acquired a new stake in Madison Square Garden Entertainment in the 1st quarter valued at about $1,468,000. Orion Porfolio Solutions LLC raised its holdings in shares of Madison Square Garden Entertainment by 1.9% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company’s stock worth $906,000 after purchasing an additional 418 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Madison Square Garden Entertainment by 5.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock valued at $775,000 after purchasing an additional 1,193 shares during the last quarter. Prudential Financial Inc. bought a new stake in Madison Square Garden Entertainment during the second quarter worth approximately $545,000. Finally, WINTON GROUP Ltd acquired a new position in Madison Square Garden Entertainment in the second quarter worth approximately $382,000. 96.86% of the stock is owned by institutional investors and hedge funds.

About Madison Square Garden Entertainment

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.