BTIG Research Begins Coverage on Madison Square Garden Entertainment (NYSE:MSGE)

Research analysts at BTIG Research started coverage on shares of Madison Square Garden Entertainment (NYSE:MSGE) in a note issued to investors on Tuesday,Benzinga reports. The firm set a “buy” rating and a $70.00 price target on the stock. BTIG Research’s target price points to a potential upside of 16.27% from the stock’s previous close.

MSGE has been the subject of several other research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Friday, March 27th. Wolfe Research cut shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. The Goldman Sachs Group reaffirmed a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research note on Monday, January 5th. 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. Finally, Susquehanna upped their price objective on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a research note on Thursday, December 11th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $60.67.

Madison Square Garden Entertainment Stock Performance

NYSE:MSGE opened at $60.21 on Tuesday. Madison Square Garden Entertainment has a 12-month low of $28.29 and a 12-month high of $65.26. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 15.40. The firm has a market capitalization of $2.43 billion, a PE ratio of 55.75 and a beta of 0.48. The firm has a 50-day moving average price of $59.73 and a 200 day moving average price of $53.28.

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

Insider Activity at Madison Square Garden Entertainment

In other news, Director Charles P. Dolan sold 19,311 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the sale, the director directly owned 660 shares of the company’s stock, valued at $42,081.60. This represents a 96.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 16.41% of the stock is owned by company insiders.

Institutional Trading of Madison Square Garden Entertainment

Several hedge funds have recently modified their holdings of MSGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Madison Square Garden Entertainment by 5.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock valued at $775,000 after purchasing an additional 1,193 shares during the last quarter. Millennium Management LLC bought a new stake in shares of Madison Square Garden Entertainment during the first quarter valued at approximately $4,994,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Madison Square Garden Entertainment during the first quarter valued at approximately $210,000. Jane Street Group LLC bought a new stake in shares of Madison Square Garden Entertainment during the first quarter valued at approximately $1,468,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Madison Square Garden Entertainment by 53.5% during the second quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company’s stock valued at $4,089,000 after purchasing an additional 35,678 shares during the last quarter. 96.86% of the stock is owned by institutional investors.

About Madison Square Garden Entertainment

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.