Madison Square Garden Entertainment Corp. (NYSE:MSGE) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) have received a consensus recommendation of “Moderate Buy” from the seven analysts that are covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $58.80.

MSGE has been the subject of several analyst reports. The Goldman Sachs Group reissued a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. Wolfe Research downgraded Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. JPMorgan Chase & Co. lifted their target price on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a report on Wednesday, February 4th. Guggenheim boosted their price target on Madison Square Garden Entertainment from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, February 3rd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Monday, December 29th.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE stock opened at $55.61 on Friday. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of 51.49 and a beta of 0.38. The company has a debt-to-equity ratio of 15.40, a quick ratio of 0.68 and a current ratio of 0.68. Madison Square Garden Entertainment has a one year low of $28.29 and a one year high of $65.26. The company’s 50-day moving average is $59.83 and its 200 day moving average is $52.60.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Tuesday, February 3rd. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.35 by ($0.41). Madison Square Garden Entertainment had a negative return on equity of 748.04% and a net margin of 5.12%.The firm had revenue of $459.94 million during the quarter, compared to analysts’ expectations of $448.21 million. During the same period last year, the firm posted $1.56 earnings per share. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. Sell-side analysts expect that Madison Square Garden Entertainment will post 1.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.76, for a total value of $1,231,269.36. Following the completion of the transaction, the director owned 660 shares of the company’s stock, valued at approximately $42,081.60. The trade was a 96.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 16.41% of the company’s stock.

Institutional Trading of Madison Square Garden Entertainment

A number of institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Madison Square Garden Entertainment by 5.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock valued at $775,000 after purchasing an additional 1,193 shares during the last quarter. Millennium Management LLC purchased a new stake in Madison Square Garden Entertainment in the first quarter worth approximately $4,994,000. Dynamic Technology Lab Private Ltd bought a new stake in Madison Square Garden Entertainment in the 1st quarter worth approximately $210,000. Jane Street Group LLC bought a new stake in Madison Square Garden Entertainment in the 1st quarter worth approximately $1,468,000. Finally, Creative Planning purchased a new stake in Madison Square Garden Entertainment during the 2nd quarter valued at $509,000. 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.