Wall Street Zen Upgrades Madison Square Garden Entertainment (NYSE:MSGE) to Buy

Madison Square Garden Entertainment (NYSE:MSGE) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

MSGE has been the topic of several other reports. Morgan Stanley raised their price target on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 23rd. The Goldman Sachs Group reiterated a “neutral” rating and issued a $82.00 price objective (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. JPMorgan Chase & Co. raised their target price on Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a “neutral” rating in a report on Thursday. Susquehanna raised their target price on Madison Square Garden Entertainment from $80.00 to $103.00 and gave the stock a “positive” rating in a report on Thursday. Finally, Guggenheim boosted their target price on Madison Square Garden Entertainment from $82.00 to $103.00 and gave the stock a “buy” rating in a research report on Wednesday. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $92.43.

Madison Square Garden Entertainment Trading Down 0.1%

Shares of NYSE MSGE opened at $85.38 on Friday. Madison Square Garden Entertainment has a fifty-two week low of $36.05 and a fifty-two week high of $90.41. The firm has a market capitalization of $3.45 billion, a P/E ratio of 61.87 and a beta of 0.56. The company has a debt-to-equity ratio of 11.80, a current ratio of 0.70 and a quick ratio of 0.70. The company’s 50 day simple moving average is $76.76 and its 200 day simple moving average is $67.60.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Wednesday, August 12th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.23. The firm had revenue of $196.32 million during the quarter, compared to analyst estimates of $166.62 million. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The business’s quarterly revenue was up 27.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.57) EPS. On average, analysts predict that Madison Square Garden Entertainment will post 2.42 EPS for the current year.

Insider Activity at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the firm’s 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 sale, the executive vice president owned 15,772 shares of the company’s stock, valued at approximately $1,174,698.56. This trade represents a 38.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 16.41% of the stock is currently owned by corporate insiders.

Institutional Trading of Madison Square Garden Entertainment

Several hedge funds have recently bought and sold shares of the stock. Jericho Capital Asset Management L.P. raised its holdings in shares of Madison Square Garden Entertainment by 26.9% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock worth $197,384,000 after acquiring an additional 777,000 shares during the period. Millennium Management LLC raised its stake in shares of Madison Square Garden Entertainment by 2,037.6% in the 3rd quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock valued at $26,651,000 after purchasing an additional 561,537 shares during the period. Bank of America Corp DE lifted its holdings in shares of Madison Square Garden Entertainment by 324.8% in the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock valued at $26,670,000 after purchasing an additional 510,191 shares in the last quarter. Nuveen LLC boosted its position in shares of Madison Square Garden Entertainment by 86.4% during the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock worth $39,042,000 after buying an additional 335,890 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Madison Square Garden Entertainment during the fourth quarter worth about $13,473,000. 96.86% of the stock is currently 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.