Madison Square Garden Entertainment (NYSE:MSGE) Downgraded by Wall Street Zen to Hold

Wall Street Zen lowered shares of Madison Square Garden Entertainment (NYSE:MSGE) from a buy rating to a hold rating in a research note released on Saturday morning,Wall Street Zen reports.

A number of other research analysts have also recently commented on MSGE. Bank of America boosted their price target on Madison Square Garden Entertainment from $80.00 to $96.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Zacks Research lowered shares of Madison Square Garden Entertainment from a “strong-buy” rating to a “hold” rating in a report on Monday, October 12th. Piper Sandler started coverage on shares of Madison Square Garden Entertainment in a report on Thursday, August 20th. They issued a “neutral” rating and a $86.00 target price on the stock. The Goldman Sachs Group lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “neutral” rating and upped their target price for the stock from $72.00 to $82.00 in a research report on Thursday, July 9th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Thursday. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Madison Square Garden Entertainment currently has a consensus rating of “Hold” and a consensus target price of $90.25.

Madison Square Garden Entertainment Stock Down 1.2%

MSGE opened at $80.14 on Friday. The company has a debt-to-equity ratio of 11.80, a quick ratio of 0.70 and a current ratio of 0.70. Madison Square Garden Entertainment has a fifty-two week low of $43.33 and a fifty-two week high of $90.41. The firm’s fifty day moving average is $79.24 and its 200 day moving average is $70.42. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 58.07 and a beta of 0.55.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.23. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%. The business had revenue of $196.32 million during the quarter, compared to analyst estimates of $166.62 million. During the same quarter in the prior year, the business posted ($0.57) EPS. Madison Square Garden Entertainment’s revenue for the quarter was up 27.4% compared to the same quarter last year. On average, sell-side analysts forecast that Madison Square Garden Entertainment will post 2.51 earnings per share for the current fiscal year.

Institutional Trading of Madison Square Garden Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the business. Putney Financial Group LLC bought a new position in Madison Square Garden Entertainment in the third quarter worth about $69,000. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in shares of Madison Square Garden Entertainment by 444.0% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 13,600 shares of the company’s stock valued at $1,089,000 after buying an additional 11,100 shares in the last quarter. Gibbs Wealth Management bought a new stake in shares of Madison Square Garden Entertainment in the 3rd quarter valued at about $454,000. Sterling Capital Management LLC boosted its holdings in shares of Madison Square Garden Entertainment by 840.0% in the 3rd quarter. Sterling Capital Management LLC now owns 1,316 shares of the company’s stock valued at $105,000 after buying an additional 1,176 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Madison Square Garden Entertainment by 62.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 5,484 shares of the company’s stock worth $439,000 after buying an additional 2,113 shares during the last quarter. 96.86% of the stock is currently owned by institutional investors.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is a live entertainment company that owns, operates and manages prominent entertainment venues and produces live events. Its portfolio includes Madison Square Garden, Radio City Music Hall, the Beacon Theatre and The Chicago Theatre, as well as the Hulu Theater at Madison Square Garden.

The company presents and promotes concerts, family entertainment, comedy shows, sporting events and other special events. It also produces the annual Christmas Spectacular Starring the Radio City Rockettes and supports a range of entertainment experiences through its venue operations, booking activities and event-related services.

Madison Square Garden Entertainment primarily serves audiences in the United States, with a concentration in New York City and Chicago.