Madison Square Garden Entertainment (NYSE:MSGE) Director Charles Dolan Sells 19,311 Shares

Madison Square Garden Entertainment Corp. (NYSE:MSGE) Director Charles 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 sale, the director directly owned 660 shares in the company, valued at $42,081.60. This trade represents a 96.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Madison Square Garden Entertainment Price Performance

NYSE MSGE traded down $0.46 during mid-day trading on Tuesday, hitting $61.24. The stock had a trading volume of 222,454 shares, compared to its average volume of 349,010. The company has a 50 day simple moving average of $58.06 and a 200 day simple moving average of $49.43. The company has a market cap of $2.47 billion, a price-to-earnings ratio of 56.71 and a beta of 0.39. Madison Square Garden Entertainment Corp. has a 52-week low of $28.29 and a 52-week high of $65.26. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 15.40.

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MSGE shares. JPMorgan Chase & Co. lifted their target price on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 4th. Weiss Ratings restated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th. The Goldman Sachs Group reissued a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. Wall Street Zen cut Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Finally, Guggenheim lifted their target price on shares of 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. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Madison Square Garden Entertainment currently has an average rating of “Moderate Buy” and a consensus price target of $56.67.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of large investors have recently bought and sold shares of MSGE. Ariel Investments LLC grew its stake in shares of Madison Square Garden Entertainment by 1.6% during the 2nd quarter. Ariel Investments LLC now owns 7,896,008 shares of the company’s stock valued at $315,603,000 after buying an additional 120,635 shares during the period. Jericho Capital Asset Management L.P. raised its position in shares of Madison Square Garden Entertainment by 26.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock worth $197,384,000 after buying an additional 777,000 shares during the period. Dendur Capital LP boosted its holdings in Madison Square Garden Entertainment by 8.0% in the fourth quarter. Dendur Capital LP now owns 1,220,000 shares of the company’s stock valued at $65,746,000 after acquiring an additional 90,000 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Madison Square Garden Entertainment by 3.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,070,137 shares of the company’s stock valued at $57,670,000 after acquiring an additional 36,363 shares during the period. Finally, Geode Capital Management LLC increased its stake in Madison Square Garden Entertainment by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 979,614 shares of the company’s stock worth $52,800,000 after acquiring an additional 4,051 shares during the last quarter. 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.