Madison Square Garden Entertainment (NYSE:MSGE) Sets New 52-Week High on Analyst Upgrade

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s share price hit a new 52-week high during mid-day trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $47.00 to $60.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Madison Square Garden Entertainment traded as high as $60.81 and last traded at $60.7050, with a volume of 379060 shares. The stock had previously closed at $59.35.

A number of other brokerages also recently issued reports on MSGE. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th. Wolfe Research downgraded shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. Susquehanna lifted their price target on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a report on Thursday, December 11th. Wall Street Zen lowered Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a report on Saturday, December 20th. Finally, The Goldman Sachs Group reissued a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Madison Square Garden Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $51.33.

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. Millennium Management LLC increased its holdings in shares of Madison Square Garden Entertainment by 2,037.6% in the third quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock valued at $26,651,000 after purchasing an additional 561,537 shares during the period. Bank of America Corp DE lifted its holdings in shares of Madison Square Garden Entertainment by 324.8% during the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock worth $26,670,000 after purchasing an additional 510,191 shares during the period. 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 valued at $36,992,000 after buying an additional 347,500 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Madison Square Garden Entertainment by 23.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,033,774 shares of the company’s stock worth $46,768,000 after buying an additional 198,361 shares during the period. Finally, Norges Bank purchased a new position in Madison Square Garden Entertainment during the 2nd quarter worth approximately $6,335,000. Institutional investors and hedge funds own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

The firm’s 50 day simple moving average is $52.17 and its 200 day simple moving average is $45.33. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 84.99 and a beta of 0.40.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.46) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.13. Madison Square Garden Entertainment had a net margin of 3.65% and a negative return on equity of 310.15%. The firm had revenue of $158.26 million for the quarter, compared to analyst estimates of $156.62 million. During the same quarter in the prior year, the business earned ($0.40) earnings per share. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current year.

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.