Madison Square Garden Entertainment (NYSE:MSGE) Hits New 52-Week High – What’s Next?

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $70.81 and last traded at $70.2540, with a volume of 66775 shares. The stock had previously closed at $68.33.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MSGE shares. BTIG Research upped their price objective on Madison Square Garden Entertainment from $70.00 to $86.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Guggenheim upped their price objective on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. upped their price objective on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Wall Street Zen cut Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings cut Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Madison Square Garden Entertainment presently has an average rating of “Moderate Buy” and a consensus target price of $64.33.

Madison Square Garden Entertainment Trading Up 1.2%

The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 67.79 and a beta of 0.61. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. The business has a 50-day moving average of $60.95 and a 200-day moving average of $56.85.

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

Insider Activity at Madison Square Garden Entertainment

In other news, Director Charles P. Dolan sold 19,311 shares of Madison Square Garden Entertainment stock in a transaction on Friday, February 20th. The shares were sold at an average price of $63.76, for a total value of $1,231,269.36. Following the transaction, the director directly owned 660 shares of the company’s stock, valued at $42,081.60. The trade was a 96.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 16.41% of the stock is owned by insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently modified their holdings of MSGE. Jericho Capital Asset Management L.P. increased its holdings in shares of Madison Square Garden Entertainment by 26.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock valued at $197,384,000 after acquiring an additional 777,000 shares during the period. Millennium Management LLC lifted its position in Madison Square Garden Entertainment by 2,037.6% during the 3rd quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock worth $26,651,000 after acquiring an additional 561,537 shares during the period. Bank of America Corp DE lifted its position in Madison Square Garden Entertainment by 324.8% during the 2nd quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock worth $26,670,000 after acquiring an additional 510,191 shares during the period. Nuveen LLC lifted its position in Madison Square Garden Entertainment by 86.4% during the 4th quarter. Nuveen LLC now owns 724,467 shares of the company’s stock worth $39,042,000 after acquiring an additional 335,890 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new stake in Madison Square Garden Entertainment during the 4th quarter worth approximately $13,473,000. 96.86% of the stock is owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Company Profile

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.