Madison Square Garden Entertainment (NYSE:MSGE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Madison Square Garden Entertainment (NYSE:MSGE) from a hold rating to a buy rating in a report published on Saturday morning.

MSGE has been the subject of several other reports. BTIG Research boosted their price target on Madison Square Garden Entertainment from $86.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday. The Goldman Sachs Group reiterated a “neutral” rating and issued a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a research note on Thursday, July 9th. Morgan Stanley increased their price target on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Finally, Seaport Research Partners reiterated a “neutral” rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. Four analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $92.43.

Madison Square Garden Entertainment Price Performance

NYSE MSGE opened at $84.66 on Friday. The company has a debt-to-equity ratio of 11.80, a quick ratio of 0.70 and a current ratio of 0.70. The firm’s 50 day moving average price is $77.01 and its 200-day moving average price is $67.77. Madison Square Garden Entertainment has a 52-week low of $36.37 and a 52-week high of $90.41. The company has a market cap of $3.42 billion, a PE ratio of 61.35 and a beta of 0.56.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.23. The company had revenue of $196.32 million during the quarter, compared to the consensus estimate of $166.62 million. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. Madison Square Garden Entertainment’s revenue for the quarter was up 27.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.57) earnings per share. Sell-side analysts forecast that Madison Square Garden Entertainment will post 2.42 EPS for the current fiscal year.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the sale, the executive vice president directly owned 15,772 shares in the company, valued at approximately $1,174,698.56. This trade represents a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 16.41% of the company’s stock.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of large investors have recently modified their holdings of the business. First Horizon Corp acquired a new stake in Madison Square Garden Entertainment in the 4th quarter worth approximately $37,000. Aster Capital Management DIFC Ltd acquired a new position in Madison Square Garden Entertainment during the 4th quarter valued at approximately $45,000. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Madison Square Garden Entertainment in the fourth quarter worth $47,000. State of Wyoming purchased a new position in shares of Madison Square Garden Entertainment in the second quarter worth $62,000. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Madison Square Garden Entertainment by 3,248.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock worth $67,000 after buying an additional 1,202 shares during the period. Hedge funds and other institutional investors own 96.86% of the company’s stock.

About Madison Square Garden Entertainment

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.