Madison Square Garden Entertainment (NYSE:MSGE) Given New $47.00 Price Target at JPMorgan Chase & Co.

Madison Square Garden Entertainment (NYSE:MSGE) had its price target increased by stock analysts at JPMorgan Chase & Co. from $41.00 to $47.00 in a report released on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 0.84% from the company’s current price.

Several other equities analysts have also issued reports on the stock. Morgan Stanley lifted 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 report on Tuesday, August 12th. The Goldman Sachs Group raised their price objective on Madison Square Garden Entertainment from $42.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Wall Street Zen cut Madison Square Garden Entertainment from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Madison Square Garden Entertainment in a report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $45.50.

Madison Square Garden Entertainment Stock Up 5.3%

Shares of MSGE traded up $2.34 on Friday, reaching $46.61. The stock had a trading volume of 484,470 shares, compared to its average volume of 342,788. The company has a debt-to-equity ratio of 60.61, a quick ratio of 0.47 and a current ratio of 0.47. Madison Square Garden Entertainment has a 12-month low of $28.29 and a 12-month high of $48.09. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of 61.33 and a beta of 0.48. The company has a 50-day simple moving average of $44.04 and a 200-day simple moving average of $39.84.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.46) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.13. The company had revenue of $158.26 million for the quarter, compared to analysts’ expectations of $156.62 million. Madison Square Garden Entertainment had a negative return on equity of 458.14% and a net margin of 3.97%.The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.40) earnings per share. Sell-side analysts predict that Madison Square Garden Entertainment will post 1.04 EPS for the current year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its holdings in shares of 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 buying an additional 510,191 shares during the period. Long Pond Capital LP bought a new position in Madison Square Garden Entertainment in the first quarter valued at about $13,630,000. Dendur Capital LP boosted its position in Madison Square Garden Entertainment by 60.1% in the second quarter. Dendur Capital LP now owns 925,500 shares of the company’s stock worth $36,992,000 after purchasing an additional 347,500 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of 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 increased 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 valued at $254,566,000 after purchasing an additional 170,830 shares during the last quarter. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

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.