Madison Square Garden Entertainment Corp. (NYSE:MSGE) Short Interest Update

Madison Square Garden Entertainment Corp. (NYSE:MSGE) was the target of a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 1,909,002 shares, an increase of 22.2% from the February 26th total of 1,561,871 shares. Based on an average daily volume of 361,070 shares, the short-interest ratio is presently 5.3 days. Approximately 5.7% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the company a “neutral” rating in a research note on Wednesday, February 4th. Wall Street Zen raised shares of Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a research note on Saturday, February 28th. The Goldman Sachs Group reaffirmed a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research note on Monday, January 5th. Wolfe Research lowered Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday, December 15th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $58.80.

Madison Square Garden Entertainment Stock Up 4.0%

NYSE:MSGE traded up $2.28 during trading hours on Tuesday, reaching $58.93. The company’s stock had a trading volume of 422,818 shares, compared to its average volume of 313,233. The company has a debt-to-equity ratio of 15.40, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 54.56 and a beta of 0.38. Madison Square Garden Entertainment has a one year low of $28.29 and a one year high of $65.26. The business’s 50-day moving average is $59.77 and its 200-day moving average is $52.86.

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 company had revenue of $459.94 million for the quarter, compared to the consensus estimate of $448.21 million. During the same quarter last year, the business earned $1.56 earnings per share. Madison Square Garden Entertainment’s quarterly revenue was up 12.9% on a year-over-year basis. Equities research analysts predict that Madison Square Garden Entertainment will post 1.04 EPS for the current year.

Insider Buying and Selling at Madison Square Garden Entertainment

In related news, Director Charles P. Dolan sold 19,311 shares of Madison Square Garden Entertainment stock in a transaction dated 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 transaction, the director owned 660 shares of the company’s stock, valued at approximately $42,081.60. This trade represents a 96.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 16.41% of the stock is owned by company insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in MSGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Madison Square Garden Entertainment by 5.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock valued at $775,000 after buying an additional 1,193 shares during the last quarter. Millennium Management LLC bought a new stake in Madison Square Garden Entertainment in the 1st quarter valued at $4,994,000. Dynamic Technology Lab Private Ltd bought a new stake in Madison Square Garden Entertainment in the 1st quarter valued at $210,000. Jane Street Group LLC acquired a new stake in Madison Square Garden Entertainment in the 1st quarter worth $1,468,000. Finally, Creative Planning bought a new position in shares of Madison Square Garden Entertainment during the 2nd quarter worth about $509,000. 96.86% of the stock is owned by institutional investors and hedge funds.

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.