Madison Square Garden Entertainment (NYSE:MSGE) Director Sells $1,231,269.36 in Stock

Madison Square Garden Entertainment Corp. (NYSE:MSGE) Director Charles Dolan sold 19,311 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $63.76, for a total value of $1,231,269.36. Following the sale, the director directly owned 660 shares of the company’s stock, valued at $42,081.60. This represents a 96.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Madison Square Garden Entertainment Stock Up 2.6%

MSGE stock opened at $61.76 on Friday. Madison Square Garden Entertainment Corp. has a twelve month low of $28.29 and a twelve month high of $65.26. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 15.40. The stock’s 50 day moving average is $58.62 and its 200-day moving average is $49.76. The firm has a market capitalization of $2.50 billion, a PE ratio of 57.19 and a beta of 0.39.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings results on Tuesday, February 3rd. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.35 by ($0.41). Madison Square Garden Entertainment had a negative return on equity of 748.04% and a net margin of 5.12%.The company had revenue of $459.94 million for the quarter, compared to the consensus estimate of $448.21 million. During the same quarter last year, the company posted $1.56 EPS. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. Sell-side analysts expect that Madison Square Garden Entertainment Corp. will post 1.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Guggenheim upped their price objective on shares of Madison Square Garden Entertainment from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, February 3rd. JPMorgan Chase & Co. upped their target price on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the company a “neutral” rating in a report on Wednesday, February 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th. The Goldman Sachs Group reiterated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a report on Monday, January 5th. Finally, Wolfe Research downgraded Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.67.

Institutional Trading of Madison Square Garden Entertainment

Large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Madison Square Garden Entertainment by 5.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock valued at $775,000 after buying an additional 1,193 shares during the last quarter. Millennium Management LLC bought a new stake in Madison Square Garden Entertainment in the 1st quarter valued at about $4,994,000. Dynamic Technology Lab Private Ltd purchased a new stake in Madison Square Garden Entertainment during the first quarter valued at about $210,000. Jane Street Group LLC purchased a new stake in Madison Square Garden Entertainment during the first quarter valued at about $1,468,000. Finally, CWM LLC boosted its position in Madison Square Garden Entertainment by 623.8% during the second quarter. CWM LLC now owns 1,035 shares of the company’s stock worth $41,000 after purchasing an additional 892 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.