Madison Square Garden Entertainment (NYSE:MSGE) Stock Rating Upgraded by Zacks Research

Madison Square Garden Entertainment (NYSE:MSGE) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

A number of other research analysts have also issued reports on the company. JPMorgan Chase & Co. lifted their target price on Madison Square Garden Entertainment from $75.00 to $83.00 and gave the company a “neutral” rating in a report on Thursday, August 13th. Wall Street Zen upgraded Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a report on Saturday. Morgan Stanley increased their price target on 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Friday, July 31st. Finally, BTIG Research lifted their price objective on Madison Square Garden Entertainment from $86.00 to $100.00 and gave the company a “buy” rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Madison Square Garden Entertainment has a consensus rating of “Moderate Buy” and a consensus target price of $92.43.

Madison Square Garden Entertainment Price Performance

Madison Square Garden Entertainment stock opened at $82.04 on Monday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 11.80. Madison Square Garden Entertainment has a 52-week low of $36.67 and a 52-week high of $90.41. The firm has a market cap of $3.32 billion, a PE ratio of 59.45 and a beta of 0.56. The company’s 50 day moving average is $77.20 and its two-hundred day moving average is $67.92.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.23. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The business had revenue of $196.32 million during the quarter, compared to the consensus estimate of $166.62 million. During the same quarter in the previous year, the firm posted ($0.57) earnings per share. The company’s quarterly revenue was up 27.4% compared to the same quarter last year. On average, research analysts expect that Madison Square Garden Entertainment will post 2.48 EPS for the current fiscal year.

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total value of $737,873.36. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 16.41% of the company’s stock.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several large investors have recently bought and sold shares of the business. Jericho Capital Asset Management L.P. raised its stake in Madison Square Garden Entertainment by 26.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock valued at $197,384,000 after buying an additional 777,000 shares in the last quarter. Dendur Capital LP lifted its holdings in Madison Square Garden Entertainment by 8.0% during the 4th quarter. Dendur Capital LP now owns 1,220,000 shares of the company’s stock worth $65,746,000 after buying an additional 90,000 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Madison Square Garden Entertainment by 13.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,210,718 shares of the company’s stock worth $71,323,000 after acquiring an additional 140,581 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Madison Square Garden Entertainment by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 979,614 shares of the company’s stock worth $52,800,000 after acquiring an additional 4,051 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Madison Square Garden Entertainment by 0.9% in the 4th quarter. State Street Corp now owns 894,786 shares of the company’s stock valued at $48,220,000 after acquiring an additional 7,732 shares during the last quarter. 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.