Guggenheim Issues Pessimistic Forecast for Madison Square Garden Entertainment (NYSE:MSGE) Stock Price

Madison Square Garden Entertainment (NYSE:MSGE) had its price objective reduced by equities researchers at Guggenheim from $49.00 to $48.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price target points to a potential upside of 30.61% from the stock’s current price.

A number of other analysts have also recently weighed in on MSGE. Bank of America upped their target price on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Macquarie dropped their target price on Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating for the company in a report on Monday. The Goldman Sachs Group upgraded Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and upped their price target for the company from $41.00 to $45.00 in a research report on Wednesday, July 24th. Finally, Morgan Stanley cut their price objective on Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.00.

Madison Square Garden Entertainment Stock Down 2.5 %

Shares of MSGE opened at $36.75 on Tuesday. The stock’s 50-day moving average price is $41.53 and its 200 day moving average price is $38.66. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of 10.19, a P/E/G ratio of 3.82 and a beta of 0.17. Madison Square Garden Entertainment has a 12-month low of $29.06 and a 12-month high of $44.14.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.39. Madison Square Garden Entertainment had a negative return on equity of 261.70% and a net margin of 18.38%. The business had revenue of $138.70 million for the quarter, compared to analysts’ expectations of $139.46 million. During the same period in the previous year, the business posted ($0.73) earnings per share. Madison Square Garden Entertainment’s quarterly revenue was down 2.5% on a year-over-year basis. Equities research analysts expect that Madison Square Garden Entertainment will post 1.42 EPS for the current year.

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $42.43, for a total transaction of $254,580.00. Following the sale, the executive vice president now owns 12,192 shares in the company, valued at approximately $517,306.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 17.85% of the company’s stock.

Institutional Trading of Madison Square Garden Entertainment

Several hedge funds have recently modified their holdings of the stock. Jericho Capital Asset Management L.P. lifted its holdings in Madison Square Garden Entertainment by 7.0% during the 1st quarter. Jericho Capital Asset Management L.P. now owns 2,465,724 shares of the company’s stock worth $96,681,000 after buying an additional 162,000 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Madison Square Garden Entertainment by 1,425.2% during the third quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock valued at $38,261,000 after acquiring an additional 840,631 shares during the period. Duquesne Family Office LLC boosted its holdings in Madison Square Garden Entertainment by 8.5% in the second quarter. Duquesne Family Office LLC now owns 694,225 shares of the company’s stock valued at $23,763,000 after acquiring an additional 54,425 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Madison Square Garden Entertainment in the first quarter worth about $23,032,000. Finally, Federated Hermes Inc. raised its holdings in Madison Square Garden Entertainment by 48.6% during the 2nd quarter. Federated Hermes Inc. now owns 569,884 shares of the company’s stock worth $19,507,000 after purchasing an additional 186,475 shares during the last quarter. 96.86% of the stock is owned by institutional investors.

Madison Square Garden Entertainment Company Profile

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.