Insider Selling: Madison Square Garden Entertainment (NYSE:MSGE) EVP Sells 9,907 Shares of Stock

Madison Square Garden Entertainment Corp. (NYSE:MSGE) EVP Philip Gerard D’ambrosio sold 9,907 shares of Madison Square Garden Entertainment stock in a transaction 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 transaction, the executive vice president directly owned 15,772 shares of the company’s stock, valued at approximately $1,174,698.56. This represents a 38.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Madison Square Garden Entertainment Stock Performance

Madison Square Garden Entertainment stock traded up $0.78 during mid-day trading on Monday, reaching $74.27. The company’s stock had a trading volume of 740,980 shares, compared to its average volume of 375,393. The firm has a market cap of $3.00 billion, a price-to-earnings ratio of 72.82 and a beta of 0.61. The business has a 50 day moving average price of $66.42 and a 200-day moving average price of $60.36. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 11.40. Madison Square Garden Entertainment Corp. has a twelve month low of $35.31 and a twelve month high of $74.94.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). The business had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.17 EPS. Sell-side analysts predict that Madison Square Garden Entertainment Corp. will post 1.28 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MSGE shares. Wall Street Zen cut shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Guggenheim lifted their price objective on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. lifted their price objective on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. BTIG Research reiterated a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Finally, Weiss Ratings cut shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $67.50.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently bought and sold shares of the stock. Jericho Capital Asset Management L.P. increased its stake in Madison Square Garden Entertainment by 26.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock worth $197,384,000 after purchasing an additional 777,000 shares in the last quarter. Dendur Capital LP increased its stake in Madison Square Garden Entertainment by 8.0% in the 4th quarter. Dendur Capital LP now owns 1,220,000 shares of the company’s stock worth $65,746,000 after purchasing an additional 90,000 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Madison Square Garden Entertainment by 13.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,210,718 shares of the company’s stock worth $71,323,000 after purchasing an additional 140,581 shares in the last quarter. Geode Capital Management LLC increased its stake in Madison Square Garden Entertainment by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 979,614 shares of the company’s stock worth $52,800,000 after purchasing an additional 4,051 shares in the last quarter. Finally, State Street Corp increased its stake in Madison Square Garden Entertainment by 0.9% in the 4th quarter. State Street Corp now owns 894,786 shares of the company’s stock worth $48,220,000 after purchasing an additional 7,732 shares in the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.

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.