Madison Square Garden Entertainment Corp. (NYSE:MSGE) Given Average Rating of “Moderate Buy” by Brokerages

Madison Square Garden Entertainment Corp. (NYSE:MSGE) has been assigned a consensus rating of “Moderate Buy” from the six analysts that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $45.20.

Several research firms have recently issued reports on MSGE. The Goldman Sachs Group upped their price objective 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. Weiss Ratings reiterated a “hold (c-)” rating on shares of Madison Square Garden Entertainment in a report on Wednesday, October 8th. Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Finally, Morgan Stanley increased their target price on shares of Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 12th.

Madison Square Garden Entertainment Stock Performance

Madison Square Garden Entertainment stock opened at $44.63 on Thursday. The business has a 50 day moving average of $43.97 and a 200-day moving average of $39.81. Madison Square Garden Entertainment has a 1 year low of $28.29 and a 1 year high of $48.09. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.47 and a quick ratio of 0.47. The company has a market capitalization of $1.80 billion, a P/E ratio of 58.73 and a beta of 0.48.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Wednesday, August 13th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.03). Madison Square Garden Entertainment had a net margin of 3.97% and a negative return on equity of 458.14%. The firm had revenue of $154.14 million during the quarter, compared to analyst estimates of $151.17 million. During the same period in the prior year, the company earned $1.41 EPS. The business’s quarterly revenue was down 17.2% compared to the same quarter last year. On average, equities research analysts predict that Madison Square Garden Entertainment will post 1.04 earnings per share for the current year.

Institutional Trading of Madison Square Garden Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MSGE. Bank of America Corp DE increased its position in Madison Square Garden Entertainment by 324.8% during the 2nd quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock valued at $26,670,000 after purchasing an additional 510,191 shares during the period. Long Pond Capital LP acquired a new stake in Madison Square Garden Entertainment during the 1st quarter valued at approximately $13,630,000. Dendur Capital LP increased its position in Madison Square Garden Entertainment by 60.1% during the 2nd quarter. Dendur Capital LP now owns 925,500 shares of the company’s stock valued at $36,992,000 after purchasing an additional 347,500 shares during the period. Assenagon Asset Management S.A. increased its position in Madison Square Garden Entertainment by 23.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,033,774 shares of the company’s stock valued at $46,768,000 after purchasing an additional 198,361 shares during the period. Finally, Ariel Investments LLC grew its position in shares of Madison Square Garden Entertainment by 2.2% during the 1st quarter. Ariel Investments LLC now owns 7,775,373 shares of the company’s stock worth $254,566,000 after buying an additional 170,830 shares during the period. Institutional investors and hedge funds own 96.86% of the company’s stock.

Madison Square Garden 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.