Madison Square Garden Entertainment (NYSE:MSGE) Shares Break Above 50-Day Moving Average – Here’s Why

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s stock price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $79.15 and traded as high as $80.73. Madison Square Garden Entertainment shares last traded at $80.40, with a volume of 840,872 shares trading hands.

Analyst Ratings Changes

A number of analysts have issued reports on MSGE shares. Zacks Research downgraded Madison Square Garden Entertainment from a “strong-buy” rating to a “hold” rating in a report on Monday, October 12th. Wall Street Zen cut Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. Susquehanna raised their target price on Madison Square Garden Entertainment from $92.00 to $93.00 and gave the stock a “positive” rating in a research report on Thursday, November 5th. JPMorgan Chase & Co. boosted their target price on Madison Square Garden Entertainment from $83.00 to $84.00 and gave the stock a “neutral” rating in a research note on Thursday, November 5th. Finally, Guggenheim boosted 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. Four equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $90.50.

Madison Square Garden Entertainment Price Performance

The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 39.61 and a beta of 0.56. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 11.80. The company’s 50 day moving average is $79.15 and its 200 day moving average is $71.00.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.24. The company had revenue of $217.13 million during the quarter, compared to the consensus estimate of $208.11 million. Madison Square Garden Entertainment had a net margin of 8.64% and a return on equity of 248.45%. Madison Square Garden Entertainment’s revenue for the quarter was up 37.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.46) earnings per share. Research analysts anticipate that Madison Square Garden Entertainment Corp. will post 2.58 EPS for the current fiscal year.

Institutional Trading of Madison Square Garden Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its holdings in shares of Madison Square Garden Entertainment by 19.1% in the third quarter. Russell Investments Group Ltd. now owns 89,347 shares of the company’s stock valued at $7,158,000 after acquiring an additional 14,324 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Madison Square Garden Entertainment by 4.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,655 shares of the company’s stock worth $453,000 after acquiring an additional 227 shares during the last quarter. Ethic Inc. purchased a new position in shares of Madison Square Garden Entertainment during the third quarter worth approximately $223,000. Providence First Trust Co acquired a new position in shares of Madison Square Garden Entertainment in the 3rd quarter valued at $308,000. Finally, Putney Financial Group LLC acquired a new position in shares of Madison Square Garden Entertainment in the 3rd quarter valued at $69,000. 96.86% of the stock is owned by hedge funds and other institutional investors.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. is a live entertainment company that owns and operates venues and produces live events. Its venues include Madison Square Garden, Radio City Music Hall and the Beacon Theatre in New York City, as well as The Chicago Theatre.

The company’s activities include hosting concerts, comedy shows, family attractions and other events. It also produces the annual Christmas Spectacular Starring the Radio City Rockettes and related live entertainment experiences.

Madison Square Garden Entertainment became a standalone publicly traded company in 2020 after separating from Madison Square Garden Company.