Madison Square Garden Entertainment (NYSE:MSGE) PT Lowered to $36.00

Madison Square Garden Entertainment (NYSE:MSGE) had its price target decreased by JPMorgan Chase & Co. from $38.00 to $36.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 26.94% from the company’s previous close.

A number of other research firms have also issued reports on MSGE. Bank of America assumed coverage on Madison Square Garden Entertainment in a research report on Tuesday, August 22nd. They set a “buy” rating and a $41.00 price objective for the company. Morgan Stanley dropped their price objective on Madison Square Garden Entertainment from $40.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Friday, September 1st. Finally, Guggenheim boosted their target price on Madison Square Garden Entertainment from $41.00 to $43.00 and gave the stock a “buy” rating in a research report on Tuesday, August 22nd. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $42.50.

Madison Square Garden Entertainment Stock Down 4.2 %

Shares of NYSE:MSGE opened at $28.36 on Wednesday. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 14.79. Madison Square Garden Entertainment has a one year low of $27.55 and a one year high of $40.81. The business’s 50-day simple moving average is $31.76 and its 200 day simple moving average is $33.22.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings data on Friday, August 18th. The company reported ($0.47) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $0.16. The business had revenue of $147.90 million for the quarter, compared to analysts’ expectations of $140.52 million. The business’s revenue was down 17.0% on a year-over-year basis. As a group, equities research analysts forecast that Madison Square Garden Entertainment will post 1.13 earnings per share for the current year.

Insider Activity at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, major shareholder Entertainment Co. Sphere sold 8,221,188 shares of the business’s stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $31.20, for a total value of $256,501,065.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 24.60% of the stock is owned by insiders.

Institutional Trading of Madison Square Garden Entertainment

Several large investors have recently made changes to their positions in MSGE. Point72 Hong Kong Ltd acquired a new position in shares of Madison Square Garden Entertainment during the 1st quarter worth about $62,000. Westside Investment Management Inc. increased its stake in shares of Madison Square Garden Entertainment by 46.1% in the 2nd quarter. Westside Investment Management Inc. now owns 1,128 shares of the company’s stock valued at $36,000 after buying an additional 356 shares during the period. National Bank of Canada FI grew its stake in shares of Madison Square Garden Entertainment by 359.3% during the third quarter. National Bank of Canada FI now owns 1,534 shares of the company’s stock worth $50,000 after purchasing an additional 1,200 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Madison Square Garden Entertainment by 40.1% during the third quarter. Tower Research Capital LLC TRC now owns 1,800 shares of the company’s stock worth $79,000 after purchasing an additional 515 shares during the period. Finally, Dark Forest Capital Management LP grew its stake in shares of Madison Square Garden Entertainment by 3,687.0% during the first quarter. Dark Forest Capital Management LP now owns 2,045 shares of the company’s stock worth $121,000 after purchasing an additional 1,991 shares during the period. Institutional investors own 70.02% of the company’s stock.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in live entertainment business. The company produces, presents, and hosts live entertainment events, including concerts, sports events, and other live events, such as family shows, performing arts events, and special events. Its operations include a collection of venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production.