Madison Square Garden Entertainment Corp. (NYSE:MSGE) was the target of a significant increase in short interest in April. As of April 15th, there was short interest totalling 739,700 shares, an increase of 21.3% from the March 31st total of 609,700 shares. Approximately 4.0% of the company’s stock are sold short. Based on an average trading volume of 290,400 shares, the days-to-cover ratio is currently 2.5 days.
A number of hedge funds have recently made changes to their positions in the stock. Ariel Investments LLC raised its position in Madison Square Garden Entertainment by 31.9% during the fourth quarter. Ariel Investments LLC now owns 2,107,380 shares of the company’s stock valued at $221,359,000 after acquiring an additional 509,754 shares in the last quarter. BlackRock Inc. raised its position in Madison Square Garden Entertainment by 0.3% during the fourth quarter. BlackRock Inc. now owns 742,359 shares of the company’s stock valued at $77,977,000 after acquiring an additional 2,563 shares in the last quarter. Gabelli Funds LLC raised its position in Madison Square Garden Entertainment by 0.3% during the fourth quarter. Gabelli Funds LLC now owns 402,333 shares of the company’s stock valued at $42,261,000 after acquiring an additional 1,014 shares in the last quarter. Channing Capital Management LLC purchased a new stake in shares of Madison Square Garden Entertainment in the fourth quarter valued at approximately $37,503,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Madison Square Garden Entertainment by 3,458.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 344,641 shares of the company’s stock valued at $36,201,000 after buying an additional 334,956 shares in the last quarter. Institutional investors own 68.78% of the company’s stock.
MSGE has been the subject of several recent analyst reports. Zacks Investment Research raised Madison Square Garden Entertainment from a “sell” rating to a “hold” rating in a report on Thursday, April 15th. JPMorgan Chase & Co. downgraded Madison Square Garden Entertainment from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $100.00 to $105.00 in a report on Tuesday, February 16th. Finally, Morgan Stanley raised their price target on Madison Square Garden Entertainment from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 19th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Madison Square Garden Entertainment has a consensus rating of “Buy” and a consensus target price of $97.63.
Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Friday, February 12th. The company reported ($5.13) EPS for the quarter, missing the Zacks’ consensus estimate of ($3.87) by ($1.26). The company had revenue of $23.14 million during the quarter, compared to analysts’ expectations of $18.35 million. Research analysts forecast that Madison Square Garden Entertainment will post -13.54 EPS for the current year.
Madison Square Garden Entertainment Company Profile
Madison Square Garden Entertainment Corp. engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball, professional bull riding, mixed martial arts, and esports in its venues, including New York's Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre, and The Chicago Theatre.
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