Madison Square Garden Entertainment (NYSE:MSGE) Sets New 12-Month High – Should You Buy?

Madison Square Garden Entertainment Corp. (NYSE:MSGE) shares reached a new 52-week high during trading on Monday . The company traded as high as $73.00 and last traded at $71.58, with a volume of 914 shares changing hands. The stock had previously closed at $72.08.

Wall Street Analysts Forecast Growth

MSGE has been the subject of several recent analyst reports. Susquehanna boosted their target price on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a research note on Thursday, May 28th. Guggenheim raised their price objective on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. boosted their price objective on shares of 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. Weiss Ratings cut shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 4th. Finally, Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Madison Square Garden Entertainment presently has an average rating of “Moderate Buy” and a consensus target price of $67.50.

Madison Square Garden Entertainment Stock Performance

The company has a market cap of $2.90 billion, a PE ratio of 70.24 and a beta of 0.61. The stock has a 50 day simple moving average of $64.83 and a two-hundred day simple moving average of $59.46. The company has a debt-to-equity ratio of 11.40, a current ratio of 0.72 and a quick ratio of 0.72.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.03). The business had revenue of $246.26 million during the quarter, compared to analysts’ expectations 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 firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.17 EPS. Equities analysts predict that Madison Square Garden Entertainment Corp. will post 1.28 EPS for the current year.

Institutional Trading of Madison Square Garden Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Horizon Corp acquired a new position in Madison Square Garden Entertainment in the 4th quarter valued at $37,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Madison Square Garden Entertainment during the fourth quarter worth about $45,000. Atlantic Edge Private Wealth Management LLC purchased a new position in Madison Square Garden Entertainment during the fourth quarter worth about $47,000. State of Wyoming purchased a new position in Madison Square Garden Entertainment during the second quarter worth about $62,000. Finally, CIBC Private Wealth Group LLC lifted its position in 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 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.