Madison Square Garden Entertainment (NYSE:MSGE) Cut to “Hold” at Wall Street Zen

Madison Square Garden Entertainment (NYSE:MSGE) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

MSGE has been the subject of a number of other reports. Wolfe Research downgraded shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday. JPMorgan Chase & Co. increased their price target on shares of Madison Square Garden Entertainment from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, November 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Monday. Susquehanna upped their price objective on Madison Square Garden Entertainment from $51.00 to $61.00 and gave the company a “positive” rating in a research note on Thursday, December 11th. Finally, The Goldman Sachs Group increased their target price on Madison Square Garden Entertainment from $42.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $49.17.

Madison Square Garden Entertainment Price Performance

Shares of MSGE stock opened at $52.54 on Friday. Madison Square Garden Entertainment has a 12 month low of $28.29 and a 12 month high of $55.75. The company has a market capitalization of $2.12 billion, a P/E ratio of 75.06 and a beta of 0.43. The stock has a 50 day moving average of $47.89 and a two-hundred day moving average of $42.96. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 60.61.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Thursday, November 6th. The company reported ($0.46) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.13. The business had revenue of $158.26 million during the quarter, compared to analyst estimates of $156.62 million. Madison Square Garden Entertainment had a negative return on equity of 310.15% and a net margin of 3.65%.Madison Square Garden Entertainment’s revenue was up 14.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.40) earnings per share. As a group, equities analysts expect that Madison Square Garden Entertainment will post 1.04 EPS for the current year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently modified their holdings of the stock. Rhumbline Advisers grew its stake in shares of Madison Square Garden Entertainment by 0.4% during the second quarter. Rhumbline Advisers now owns 63,178 shares of the company’s stock valued at $2,525,000 after purchasing an additional 272 shares during the last quarter. Garden State Investment Advisory Services LLC lifted its holdings in Madison Square Garden Entertainment by 2.0% during the 2nd quarter. Garden State Investment Advisory Services LLC now owns 15,902 shares of the company’s stock worth $636,000 after buying an additional 306 shares in the last quarter. Orion Porfolio Solutions LLC lifted its holdings in Madison Square Garden Entertainment by 1.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company’s stock worth $906,000 after buying an additional 418 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in Madison Square Garden Entertainment by 25.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,217 shares of the company’s stock valued at $89,000 after buying an additional 448 shares during the last quarter. Finally, Sei Investments Co. increased its stake in shares of Madison Square Garden Entertainment by 6.2% in the 3rd quarter. Sei Investments Co. now owns 7,731 shares of the company’s stock valued at $350,000 after buying an additional 451 shares during the period. 96.86% of the stock is owned by 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.