Madison Square Garden Entertainment (NYSE:MSGE) Hits New 12-Month High – Should You Buy?

Madison Square Garden Entertainment Corp. (NYSE:MSGE) reached a new 52-week high during trading on Monday . The stock traded as high as $68.52 and last traded at $67.2870, with a volume of 533136 shares trading hands. The stock had previously closed at $67.66.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Friday, March 27th. BTIG Research assumed coverage on Madison Square Garden Entertainment in a research note on Tuesday, April 7th. They set a “buy” rating and a $70.00 price objective on the stock. JPMorgan Chase & Co. upped their price objective on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 4th. The Goldman Sachs Group reiterated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research note on Monday, January 5th. Finally, Guggenheim upped their price objective on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. One research 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.00.

Madison Square Garden Entertainment Trading Down 1.9%

The company has a market cap of $2.68 billion, a P/E ratio of 61.71 and a beta of 0.61. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 15.40. The business has a 50 day moving average price of $60.11 and a 200-day moving average price of $55.51.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Tuesday, February 3rd. The company reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.41). The company had revenue of $459.94 million for the quarter, compared to the consensus estimate of $448.21 million. Madison Square Garden Entertainment had a negative return on equity of 748.04% and a net margin of 5.12%.The company’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.56 EPS. Analysts forecast that Madison Square Garden Entertainment Corp. will post 1.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Madison Square Garden Entertainment

In related news, Director Charles P. Dolan sold 19,311 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the transaction, the director directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 16.41% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. First Horizon Corp acquired a new position in shares of Madison Square Garden Entertainment during the 4th quarter worth approximately $37,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Madison Square Garden Entertainment during the 4th quarter worth approximately $45,000. Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Madison Square Garden Entertainment during the 4th quarter worth approximately $47,000. CIBC Private Wealth Group LLC increased its holdings in shares of Madison Square Garden Entertainment by 3,248.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock worth $67,000 after acquiring an additional 1,202 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in shares of Madison Square Garden Entertainment during the 3rd quarter worth approximately $59,000. 96.86% of the stock is owned by institutional investors and hedge funds.

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.