Madison Square Garden Entertainment (NYSE:MSGE) Stock Price Up 6.1% – Should You Buy?

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s share price rose 6.1% on Tuesday . The stock traded as high as $38.79 and last traded at $38.79. Approximately 193,578 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 401,190 shares. The stock had previously closed at $36.57.

Wall Street Analysts Forecast Growth

MSGE has been the topic of a number of recent analyst reports. Bank of America raised their price target on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a report on Monday, August 19th. Macquarie lowered their price target on Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Guggenheim dropped their price target on Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Finally, Morgan Stanley reduced their price objective on shares of Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, November 11th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Madison Square Garden Entertainment currently has an average rating of “Moderate Buy” and a consensus price target of $46.00.

Madison Square Garden Entertainment Stock Performance

The firm has a market capitalization of $1.84 billion, a PE ratio of 10.60, a PEG ratio of 3.37 and a beta of -0.03. The company has a fifty day moving average price of $40.43 and a 200-day moving average price of $38.45.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.39. Madison Square Garden Entertainment had a net margin of 18.38% and a negative return on equity of 261.70%. The business had revenue of $138.70 million during the quarter, compared to analyst estimates of $139.46 million. During the same quarter last year, the business earned ($0.73) earnings per share. Madison Square Garden Entertainment’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities analysts predict that Madison Square Garden Entertainment Corp. will post 1.58 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the business’s 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 completion of the transaction, the executive vice president now owns 12,192 shares in the company, valued at $517,306.56. The trade was a 32.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 17.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB bought a new position in Madison Square Garden Entertainment in the third quarter worth approximately $242,000. Geode Capital Management LLC increased its holdings in Madison Square Garden Entertainment by 2.7% during the third quarter. Geode Capital Management LLC now owns 938,463 shares of the company’s stock valued at $39,921,000 after buying an additional 24,772 shares during the period. Barclays PLC raised its stake in Madison Square Garden Entertainment by 295.6% in the third quarter. Barclays PLC now owns 66,045 shares of the company’s stock worth $2,809,000 after buying an additional 49,351 shares in the last quarter. Zacks Investment Management lifted its holdings in Madison Square Garden Entertainment by 15.3% during the third quarter. Zacks Investment Management now owns 111,687 shares of the company’s stock worth $4,750,000 after buying an additional 14,812 shares during the period. Finally, State Street Corp boosted its position in Madison Square Garden Entertainment by 0.4% during the 3rd quarter. State Street Corp now owns 896,795 shares of the company’s stock valued at $38,141,000 after acquiring an additional 3,463 shares in the last quarter. 96.86% of the stock is currently 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.