Exchange Traded Concepts LLC Raises Holdings in Madison Square Garden Entertainment Corp. $MSGE

Exchange Traded Concepts LLC lifted its holdings in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 7.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,412 shares of the company’s stock after buying an additional 1,957 shares during the period. Exchange Traded Concepts LLC owned about 0.07% of Madison Square Garden Entertainment worth $1,176,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Ariel Investments LLC grew its holdings in shares of Madison Square Garden Entertainment by 2.2% in the 1st quarter. Ariel Investments LLC now owns 7,775,373 shares of the company’s stock worth $254,566,000 after acquiring an additional 170,830 shares during the period. Jericho Capital Asset Management L.P. boosted its holdings in shares of Madison Square Garden Entertainment by 5.6% during the first quarter. Jericho Capital Asset Management L.P. now owns 2,885,724 shares of the company’s stock worth $94,479,000 after purchasing an additional 152,000 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Madison Square Garden Entertainment by 14.9% during the first quarter. Assenagon Asset Management S.A. now owns 982,405 shares of the company’s stock worth $32,164,000 after purchasing an additional 127,700 shares during the last quarter. Systematic Financial Management LP raised its position in shares of Madison Square Garden Entertainment by 0.4% in the 1st quarter. Systematic Financial Management LP now owns 923,407 shares of the company’s stock worth $30,232,000 after buying an additional 3,930 shares during the period. Finally, Northern Trust Corp raised its position in shares of Madison Square Garden Entertainment by 30.0% in the 1st quarter. Northern Trust Corp now owns 670,883 shares of the company’s stock worth $21,965,000 after buying an additional 154,888 shares during the period. Institutional investors and hedge funds own 96.86% of the company’s stock.

Analyst Upgrades and Downgrades

MSGE has been the topic of several research reports. Wall Street Zen lowered Madison Square Garden Entertainment from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Morgan Stanley raised their target price on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 12th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Madison Square Garden Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Madison Square Garden Entertainment Stock Performance

MSGE opened at $45.77 on Tuesday. Madison Square Garden Entertainment Corp. has a twelve month low of $28.29 and a twelve month high of $46.18. The stock has a market cap of $2.17 billion, a PE ratio of 60.22 and a beta of 0.44. The business’s 50 day moving average is $40.19 and its 200-day moving average is $36.93. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 60.61.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its earnings results on Wednesday, August 13th. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.03). The firm had revenue of $154.14 million for the quarter, compared to the consensus estimate of $151.17 million. Madison Square Garden Entertainment had a negative return on equity of 458.14% and a net margin of 3.97%.Madison Square Garden Entertainment’s revenue for the quarter was down 17.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.41 EPS. On average, analysts predict that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current year.

Madison Square Garden Entertainment Profile

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.