Madison Square Garden Entertainment Corp. (NYSE:MSGE) Sees Significant Increase in Short Interest

Madison Square Garden Entertainment Corp. (NYSE:MSGE) was the target of a significant 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. Currently, 7.3% of the company’s stock are sold short. Based on an average daily volume of 573,475 shares, the short-interest ratio is currently 4.3 days.

Madison Square Garden Entertainment Trading Down 1.2%

Shares of Madison Square Garden Entertainment stock opened at $79.37 on Tuesday. Madison Square Garden Entertainment has a 12-month low of $43.33 and a 12-month high of $90.41. 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 stock has a market cap of $3.22 billion, a PE ratio of 57.51 and a beta of 0.55. The company has a 50-day moving average of $79.23 and a two-hundred day moving average of $70.52.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.23. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%. The business had revenue of $196.32 million for the quarter, compared to analyst estimates of $166.62 million. During the same quarter in the previous year, the company earned ($0.57) EPS. The company’s quarterly revenue was up 27.4% on a year-over-year basis. 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 and other institutional investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its stake in shares of Madison Square Garden Entertainment by 42.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,229,680 shares of the company’s stock worth $98,510,000 after purchasing an additional 366,218 shares in the last quarter. Congress Asset Management Co. acquired a new stake in Madison Square Garden Entertainment during the 3rd quarter valued at $24,280,000. Renaissance Technologies LLC purchased a new position in Madison Square Garden Entertainment during the first quarter worth $11,181,000. Bank of New York Mellon Corp purchased a new stake in Madison Square Garden Entertainment during the 2nd quarter worth about $9,497,000. Finally, First Trust Advisors LP lifted its holdings in 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 purchasing an additional 74,159 shares in the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on MSGE shares. Piper Sandler initiated coverage on Madison Square Garden Entertainment in a research report on Thursday, August 20th. They set a “neutral” rating and a $86.00 price target for the company. Guggenheim increased their price objective on Madison Square Garden Entertainment from $82.00 to $103.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. The Goldman Sachs Group cut Madison Square Garden Entertainment from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $72.00 to $82.00 in a research note on Thursday, July 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Thursday. Finally, Wall Street Zen lowered Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday. Four equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $90.25.

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.