Madison Square Garden Entertainment (NYSE:MSGE) Rating Increased to Strong-Buy at Zacks Research

Madison Square Garden Entertainment (NYSE:MSGE) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

MSGE has been the topic of a number of other research reports. Seaport Research Partners reaffirmed a “neutral” rating on shares of Madison Square Garden Entertainment in a research report on Monday, June 29th. Wall Street Zen raised Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a research report on Saturday. Bank of America upped their target price on shares of Madison Square Garden Entertainment from $80.00 to $96.00 and gave the stock a “buy” rating in a research note on Friday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Friday, July 31st. Finally, BTIG Research lifted their price target on shares of Madison Square Garden Entertainment from $86.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Madison Square Garden Entertainment presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.43.

Madison Square Garden Entertainment Stock Down 3.3%

Madison Square Garden Entertainment stock opened at $82.04 on Monday. Madison Square Garden Entertainment has a twelve month low of $36.67 and a twelve month high of $90.41. The stock’s fifty day simple moving average is $77.20 and its 200-day simple moving average is $67.92. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 11.80. The firm has a market capitalization of $3.32 billion, a P/E ratio of 59.45 and a beta of 0.56.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.23. The business had revenue of $196.32 million for the quarter, compared to analysts’ expectations of $166.62 million. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%.The company’s revenue for the quarter was up 27.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.57) earnings per share. As a group, equities analysts expect that Madison Square Garden Entertainment will post 2.48 earnings per share for the current fiscal year.

Insider Activity at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $74.48, for a total value of $737,873.36. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 16.41% of the company’s stock.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 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 worth $775,000 after purchasing an additional 1,193 shares in the last quarter. Millennium Management LLC purchased a new stake in shares of Madison Square Garden Entertainment during the 1st quarter worth approximately $4,994,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Madison Square Garden Entertainment in the 1st quarter valued at $210,000. Jane Street Group LLC purchased a new position in shares of Madison Square Garden Entertainment in the 1st quarter valued at $1,468,000. Finally, JPMorgan Chase & Co. grew its position in shares of Madison Square Garden Entertainment by 53.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company’s stock valued at $4,089,000 after buying an additional 35,678 shares during the last quarter. 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.