Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 1-Year High – Here’s What Happened

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $63.28 and last traded at $62.28, with a volume of 18526 shares trading hands. The stock had previously closed at $62.51.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Monday, December 29th. Susquehanna raised their price target on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the company a “positive” rating in a report on Thursday, December 11th. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a report on Sunday, February 8th. Wolfe Research downgraded Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. Finally, JPMorgan Chase & Co. boosted their price target on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Madison Square Garden Entertainment currently has an average rating of “Moderate Buy” and an average price target of $56.67.

Madison Square Garden Entertainment Trading Up 1.2%

The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 58.58 and a beta of 0.39. The business’s fifty day simple moving average is $57.12 and its 200 day simple moving average is $48.55. The company has a debt-to-equity ratio of 15.40, a current ratio of 0.68 and a quick ratio of 0.68.

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

Institutional Investors Weigh In On Madison Square Garden Entertainment

Hedge funds have recently added to or reduced their stakes in the stock. First Horizon Corp bought a new position in shares of Madison Square Garden Entertainment during the fourth quarter worth about $37,000. CWM LLC grew its position in Madison Square Garden Entertainment by 623.8% in the 2nd quarter. CWM LLC now owns 1,035 shares of the company’s stock worth $41,000 after purchasing an additional 892 shares during the last quarter. Cullen Frost Bankers Inc. increased its stake in shares of Madison Square Garden Entertainment by 163.0% in the second quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company’s stock valued at $43,000 after purchasing an additional 673 shares during the period. Aster Capital Management DIFC Ltd bought a new stake in shares of Madison Square Garden Entertainment during the fourth quarter valued at approximately $45,000. Finally, Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Madison Square Garden Entertainment during the fourth quarter worth approximately $47,000. 96.86% of the stock is currently owned by institutional investors.

Madison Square Garden Entertainment Company Profile

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.