Madison Square Garden Entertainment (NYSE:MSGE) Sets New 52-Week High – Here’s Why

Madison Square Garden Entertainment Corp. (NYSE:MSGE) shares reached a new 52-week high during trading on Monday . The stock traded as high as $82.78 and last traded at $78.7420, with a volume of 1800003 shares. The stock had previously closed at $80.30.

Analyst Ratings Changes

Several equities research analysts have weighed in on MSGE shares. Guggenheim upped their target price on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Seaport Research Partners restated a “neutral” rating on shares of Madison Square Garden Entertainment in a report on Monday. Morgan Stanley upped their price objective on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 23rd. Weiss Ratings cut shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 4th. Finally, JPMorgan Chase & Co. raised their target price on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $73.50.

Madison Square Garden Entertainment Stock Up 0.2%

The business has a 50 day moving average of $69.41 and a two-hundred day moving average of $62.16. The stock has a market capitalization of $3.25 billion, a PE ratio of 78.97 and a beta of 0.61. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) 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 company had revenue of $246.26 million during the quarter, compared to analysts’ expectations of $242.99 million. During the same quarter last year, the firm earned $0.17 EPS. Madison Square Garden Entertainment’s revenue for the quarter was up 1.5% on a year-over-year basis. Analysts predict that Madison Square Garden Entertainment Corp. will post 1.34 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $74.48, for a total transaction of $737,873.36. Following the completion of the sale, the executive vice president owned 15,772 shares in the company, valued at approximately $1,174,698.56. This represents a 38.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 16.41% of the stock is currently owned by company insiders.

Institutional Trading of Madison Square Garden Entertainment

Institutional investors have recently made changes to their positions in the business. Jericho Capital Asset Management L.P. raised its stake in Madison Square Garden Entertainment by 26.9% in the fourth 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 during the last quarter. Dendur Capital LP grew its stake in shares of Madison Square Garden Entertainment by 8.0% during the fourth quarter. Dendur Capital LP now owns 1,220,000 shares of the company’s stock worth $65,746,000 after acquiring an additional 90,000 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Madison Square Garden Entertainment by 13.1% during the first quarter. Assenagon Asset Management S.A. now owns 1,210,718 shares of the company’s stock valued at $71,323,000 after acquiring an additional 140,581 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Madison Square Garden Entertainment by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 979,614 shares of the company’s stock valued at $52,800,000 after acquiring an additional 4,051 shares in the last quarter. Finally, State Street Corp raised its position in shares of Madison Square Garden Entertainment by 0.9% in the 4th quarter. State Street Corp now owns 894,786 shares of the company’s stock valued at $48,220,000 after purchasing an additional 7,732 shares during the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.

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.