Madison Square Garden Entertainment (NYSE:MSGE) Sets New 12-Month High – What’s Next?

Madison Square Garden Entertainment Corp. (NYSE:MSGE) hit a new 52-week high during trading on Monday . The company traded as high as $70.81 and last traded at $70.2540, with a volume of 66775 shares. The stock had previously closed at $68.33.

Analysts Set New Price Targets

A number of brokerages have commented on MSGE. Wall Street Zen lowered Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. JPMorgan Chase & Co. raised their price objective on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Weiss Ratings lowered Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. Guggenheim raised their price objective on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, BTIG Research raised their price objective on Madison Square Garden Entertainment from $70.00 to $86.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Madison Square Garden Entertainment currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.33.

Madison Square Garden Entertainment Trading Down 0.5%

The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 67.37 and a beta of 0.61. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 11.40. The company has a fifty day moving average price of $61.34 and a 200-day moving average price of $57.19.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.03). Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The company had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. During the same quarter last year, the firm posted $0.17 earnings per share. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, equities research analysts predict that Madison Square Garden Entertainment Corp. will post 1.28 EPS for the current year.

Insiders Place Their Bets

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 value of $1,231,269.36. Following the completion of the sale, the director directly owned 660 shares in the company, valued at approximately $42,081.60. The trade was a 96.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 16.41% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. First Horizon Corp bought a new stake in shares of Madison Square Garden Entertainment during the fourth quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Madison Square Garden Entertainment during the fourth quarter valued at approximately $45,000. Atlantic Edge Private Wealth Management LLC bought a new stake in shares of Madison Square Garden Entertainment during the fourth quarter valued at approximately $47,000. CIBC Private Wealth Group LLC increased its position 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 valued at $67,000 after purchasing an additional 1,202 shares during the period. Finally, State of Alaska Department of Revenue bought a new stake in shares of Madison Square Garden Entertainment during the third quarter valued at approximately $59,000. 96.86% of the stock is owned by institutional investors.

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.