Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 52-Week High – Time to Buy?

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $75.15 and last traded at $75.1370, with a volume of 39973 shares. The stock had previously closed at $74.57.

Wall Street Analyst Weigh In

A number of research firms recently commented on MSGE. Weiss Ratings downgraded shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. Wall Street Zen cut shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. JPMorgan Chase & Co. raised their price objective on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. BTIG Research reiterated a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Finally, Guggenheim boosted their target price on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Madison Square Garden Entertainment has a consensus rating of “Moderate Buy” and an average price target of $67.50.

Madison Square Garden Entertainment Stock Up 1.1%

The business’s fifty day moving average price is $66.70 and its 200 day moving average price is $60.54. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40. The firm has a market capitalization of $3.05 billion, a PE ratio of 73.90 and a beta of 0.61.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). The company had revenue of $246.26 million for the quarter, compared to analysts’ expectations of $242.99 million. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The business’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.17 EPS. On average, equities research analysts forecast that Madison Square Garden Entertainment Corp. will post 1.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total transaction of $737,873.36. Following the transaction, the executive vice president directly owned 15,772 shares of the company’s stock, valued at $1,174,698.56. This represents a 38.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 bought and sold shares of the company. First Horizon Corp acquired a new stake in Madison Square Garden Entertainment in the fourth quarter valued at $37,000. Aster Capital Management DIFC Ltd purchased a new position in Madison Square Garden Entertainment during the 4th quarter valued at about $45,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Madison Square Garden Entertainment in the fourth quarter valued at about $47,000. CIBC Private Wealth Group LLC grew its position in shares of Madison Square Garden Entertainment by 3,248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock valued at $67,000 after purchasing an additional 1,202 shares during the last quarter. Finally, State of Wyoming purchased a new position in shares of Madison Square Garden Entertainment during the 2nd quarter worth approximately $62,000. 96.86% of the stock is currently 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.