Madison Square Garden Entertainment (NYSE:MSGE) Hits New 52-Week High – What’s Next?

Madison Square Garden Entertainment Corp. (NYSE:MSGE) hit a new 52-week high during trading on Tuesday . The stock traded as high as $70.91 and last traded at $70.91, with a volume of 10070 shares. The stock had previously closed at $69.64.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MSGE. BTIG Research restated a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. Weiss Ratings downgraded Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. Susquehanna raised their target price on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a research note on Thursday. JPMorgan Chase & Co. raised their target price on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Finally, Guggenheim raised their price target on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, April 16th. One investment 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 company presently has a consensus rating of “Moderate Buy” and an average price target of $67.50.

Madison Square Garden Entertainment Trading Down 0.3%

The firm has a fifty day simple moving average of $62.82 and a two-hundred day simple moving average of $58.27. The stock has a market cap of $2.82 billion, a PE ratio of 68.39 and a beta of 0.61. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 11.40.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.03). Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The business had revenue of $246.26 million during the quarter, compared to analysts’ expectations of $242.99 million. During the same period in the previous year, the business earned $0.17 EPS. The business’s revenue was up 1.5% on a year-over-year basis. As a group, equities analysts expect that Madison Square Garden Entertainment Corp. will post 1.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of large investors have recently modified their holdings of the company. Jericho Capital Asset Management L.P. raised its holdings in shares of Madison Square Garden Entertainment by 26.9% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock valued at $197,384,000 after buying an additional 777,000 shares in the last quarter. Dendur Capital LP raised its holdings in shares of Madison Square Garden Entertainment by 8.0% during the 4th quarter. Dendur Capital LP now owns 1,220,000 shares of the company’s stock valued at $65,746,000 after buying an additional 90,000 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Madison Square Garden Entertainment by 13.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,210,718 shares of the company’s stock valued at $71,323,000 after buying an additional 140,581 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Madison Square Garden Entertainment by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 979,614 shares of the company’s stock valued at $52,800,000 after buying an additional 4,051 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Madison Square Garden Entertainment by 0.9% during the 4th quarter. State Street Corp now owns 894,786 shares of the company’s stock valued at $48,220,000 after buying an additional 7,732 shares in the last quarter. 96.86% of the stock is owned by hedge funds and other 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.