Madison Square Garden Entertainment Corp. (NYSE:MSGE) Stock Short Interest Report for October

Madison Square Garden Entertainment Corp. (NYSE:MSGE) was the recipient of a large increase in short interest in October. As of October 15th, there was short interest totaling 2,475,992 shares, an increase of 72.7% from the September 30th total of 1,433,413 shares. Based on an average daily trading volume, of 573,475 shares, the days-to-cover ratio is currently 4.3 days. Approximately 7.3% of the shares of the company are sold short.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on MSGE shares. Wall Street Zen cut shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday. BTIG Research upped their price target on shares of Madison Square Garden Entertainment from $86.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, August 14th. JPMorgan Chase & Co. raised their price target on shares of Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Guggenheim lifted their price objective on shares of 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. Finally, Zacks Research downgraded shares of Madison Square Garden Entertainment from a “strong-buy” rating to a “hold” rating in a report on Monday, October 12th. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, Madison Square Garden Entertainment has an average rating of “Hold” and an average price target of $90.25.

Madison Square Garden Entertainment Trading Up 0.6%

Shares of NYSE:MSGE opened at $79.84 on Wednesday. The business’s 50 day simple moving average is $79.24 and its 200 day simple moving average is $70.62. Madison Square Garden Entertainment has a 1 year low of $43.33 and a 1 year high of $90.41. 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 has a market capitalization of $3.24 billion, a P/E ratio of 57.86 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 for the quarter, beating the consensus estimate of ($0.44) by $0.23. The firm had revenue of $196.32 million during 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 quarterly revenue was up 27.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.57) EPS. On average, research analysts anticipate that Madison Square Garden Entertainment will post 2.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Scholtz & Company LLC grew its stake in Madison Square Garden Entertainment by 67.8% during the second quarter. Scholtz & Company LLC now owns 62,037 shares of the company’s stock worth $5,018,000 after buying an additional 25,066 shares in the last quarter. Squarepoint Ops LLC bought a new position in Madison Square Garden Entertainment in the 2nd quarter valued at about $4,816,000. Bank of America Corp DE raised its position in shares of Madison Square Garden Entertainment by 27.7% in the 1st quarter. Bank of America Corp DE now owns 223,411 shares of the company’s stock valued at $13,161,000 after buying an additional 48,453 shares in the last quarter. First Trust Advisors LP raised its position in shares of Madison Square Garden Entertainment by 130.2% in the 1st quarter. First Trust Advisors LP now owns 131,119 shares of the company’s stock valued at $7,724,000 after buying an additional 74,159 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Madison Square Garden Entertainment in the 2nd quarter valued at approximately $9,497,000. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is a live entertainment company that owns, operates and manages prominent entertainment venues and produces live events. Its portfolio includes Madison Square Garden, Radio City Music Hall, the Beacon Theatre and The Chicago Theatre, as well as the Hulu Theater at Madison Square Garden.

The company presents and promotes concerts, family entertainment, comedy shows, sporting events and other special events. It also produces the annual Christmas Spectacular Starring the Radio City Rockettes and supports a range of entertainment experiences through its venue operations, booking activities and event-related services.

Madison Square Garden Entertainment primarily serves audiences in the United States, with a concentration in New York City and Chicago.