Madison Square Garden Entertainment (NYSE:MSGE) Research Coverage Started at Piper Sandler

Piper Sandler initiated coverage on shares of Madison Square Garden Entertainment (NYSE:MSGE) in a report released on Thursday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $86.00 target price on the stock.

Other research analysts also recently issued research reports about the company. Susquehanna upped their price objective on Madison Square Garden Entertainment from $80.00 to $103.00 and gave the company a “positive” rating in a research note on Thursday, August 13th. JPMorgan Chase & Co. lifted their target price on Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a “neutral” rating in a research note on Thursday, August 13th. Guggenheim lifted their target price on Madison Square Garden Entertainment from $82.00 to $103.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Friday, July 31st. Finally, Bank of America increased their price target on shares of Madison Square Garden Entertainment from $80.00 to $96.00 and gave the company a “buy” rating in a research report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Madison Square Garden Entertainment currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Madison Square Garden Entertainment Price Performance

Madison Square Garden Entertainment stock opened at $79.99 on Thursday. Madison Square Garden Entertainment has a 52 week low of $37.86 and a 52 week high of $90.41. The company’s 50 day moving average price is $77.63 and its two-hundred day moving average price is $68.27. The stock has a market cap of $3.23 billion, a P/E ratio of 57.96 and a beta of 0.56. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 11.80.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results 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 company had revenue of $196.32 million during the quarter, compared to analyst estimates of $166.62 million. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%.Madison Square Garden Entertainment’s quarterly revenue was up 27.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.57) earnings per share. On average, equities analysts predict that Madison Square Garden Entertainment will post 2.5 earnings per share for the current year.

Insider Buying and Selling at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of Madison Square Garden Entertainment 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 completion of 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 legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 16.41% of the company’s stock.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several institutional investors have recently added to or reduced their stakes in MSGE. First Horizon Corp purchased a new position in shares of Madison Square Garden Entertainment in the fourth quarter worth about $37,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Madison Square Garden Entertainment during the 4th quarter valued at approximately $45,000. Nykredit A S purchased a new stake in shares of Madison Square Garden Entertainment during the 2nd quarter valued at approximately $46,000. State of Wyoming purchased a new stake in shares of Madison Square Garden Entertainment during the 2nd quarter valued at approximately $62,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in Madison Square Garden Entertainment by 3,248.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock worth $67,000 after buying an additional 1,202 shares during the period. 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.