Bank of America Boosts Madison Square Garden Entertainment (NYSE:MSGE) Price Target to $48.00

Madison Square Garden Entertainment (NYSE:MSGE) had its target price hoisted by research analysts at Bank of America from $43.00 to $48.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price target would indicate a potential upside of 17.24% from the stock’s previous close.

Several other analysts have also recently issued reports on the company. The Goldman Sachs Group upgraded Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and increased their price objective for the company from $41.00 to $45.00 in a research note on Wednesday, July 24th. Morgan Stanley increased their price objective on Madison Square Garden Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Monday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.40.

Madison Square Garden Entertainment Stock Up 1.1 %

NYSE:MSGE traded up $0.44 during trading hours on Monday, reaching $40.94. 221,338 shares of the stock were exchanged, compared to its average volume of 430,143. The business has a 50-day moving average of $36.10 and a two-hundred day moving average of $37.10. Madison Square Garden Entertainment has a twelve month low of $27.55 and a twelve month high of $41.58. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 34.69, a PEG ratio of 3.91 and a beta of 0.12.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Friday, August 16th. The company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $1.97. Madison Square Garden Entertainment had a negative return on equity of 53.05% and a net margin of 5.74%. The company had revenue of $186.10 million for the quarter, compared to analysts’ expectations of $173.26 million. During the same period in the prior year, the firm earned ($0.47) earnings per share. The firm’s revenue was up 25.8% compared to the same quarter last year. On average, research analysts forecast that Madison Square Garden Entertainment will post 1.23 EPS for the current fiscal year.

Institutional Trading of Madison Square Garden Entertainment

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Marshall Wace LLP raised its stake in Madison Square Garden Entertainment by 5.8% in the second quarter. Marshall Wace LLP now owns 7,800 shares of the company’s stock valued at $267,000 after buying an additional 426 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Madison Square Garden Entertainment by 5.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,521 shares of the company’s stock valued at $271,000 after buying an additional 450 shares in the last quarter. Simplicity Wealth LLC raised its stake in Madison Square Garden Entertainment by 0.6% in the second quarter. Simplicity Wealth LLC now owns 75,696 shares of the company’s stock valued at $2,591,000 after buying an additional 482 shares in the last quarter. ProShare Advisors LLC raised its stake in Madison Square Garden Entertainment by 8.5% in the first quarter. ProShare Advisors LLC now owns 7,143 shares of the company’s stock valued at $280,000 after buying an additional 561 shares in the last quarter. Finally, Quent Capital LLC grew its holdings in shares of Madison Square Garden Entertainment by 1,838.2% during the first quarter. Quent Capital LLC now owns 659 shares of the company’s stock worth $26,000 after purchasing an additional 625 shares during the last quarter. 96.86% of the stock is currently owned by institutional investors and hedge funds.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. engages in live entertainment business. The company produces, presents, and hosts live entertainment events, including concerts, sports events, and other live events, such as family shows, performing arts events, and special events. Its operations include a collection of venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production.