Madison Square Garden Entertainment (NYSE:MSGE) Sets New 12-Month High – Here’s Why

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $70.91 and last traded at $70.91, with a volume of 10070 shares changing hands. The stock had previously closed at $69.64.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Weiss Ratings downgraded Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 4th. BTIG Research reissued a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. JPMorgan Chase & Co. boosted 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 report on Friday, May 8th. Guggenheim boosted 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 report on Thursday, April 16th. Finally, Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four 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 $64.33.

Madison Square Garden Entertainment Stock Up 0.1%

The stock’s 50-day moving average price is $62.28 and its two-hundred day moving average price is $57.91. The stock has a market capitalization of $2.82 billion, a PE ratio of 68.36 and a beta of 0.61. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share 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 analysts’ expectations 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 firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.17 earnings per share. As a group, analysts expect that Madison Square Garden Entertainment Corp. will post 1.28 EPS for the current fiscal year.

Institutional Trading of Madison Square Garden Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of MSGE. Harbour Capital Advisors LLC purchased a new stake in shares of Madison Square Garden Entertainment in the 4th quarter worth approximately $1,075,000. Citigroup Inc. grew its stake in shares of Madison Square Garden Entertainment by 220.9% in the 3rd quarter. Citigroup Inc. now owns 59,436 shares of the company’s stock worth $2,689,000 after buying an additional 40,917 shares during the last quarter. Northern Right Capital Management L.P. grew its stake in shares of Madison Square Garden Entertainment by 20.0% in the 3rd quarter. Northern Right Capital Management L.P. now owns 475,942 shares of the company’s stock worth $21,532,000 after buying an additional 79,399 shares during the last quarter. UBS Group AG grew its stake in shares of Madison Square Garden Entertainment by 28.9% in the 4th quarter. UBS Group AG now owns 294,984 shares of the company’s stock worth $15,897,000 after buying an additional 66,070 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Madison Square Garden Entertainment by 3.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,070,137 shares of the company’s stock worth $57,670,000 after buying an additional 36,363 shares during the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

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.