Madison Square Garden Entertainment (NYSE:MSGE) Given New $70.00 Price Target at Guggenheim

Madison Square Garden Entertainment (NYSE:MSGE) had its price target boosted by Guggenheim from $62.00 to $70.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a buy rating on the stock.

MSGE has been the subject of a number of other reports. Susquehanna raised their price objective on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a research note on Thursday, December 11th. Weiss Ratings restated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Monday, December 29th. The Goldman Sachs Group reaffirmed a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. Wall Street Zen lowered Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, December 20th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Madison Square Garden Entertainment from $47.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Madison Square Garden Entertainment Stock Up 2.2%

Shares of MSGE opened at $60.63 on Thursday. The company has a 50-day simple moving average of $53.06 and a 200-day simple moving average of $45.91. Madison Square Garden Entertainment has a 52-week low of $28.29 and a 52-week high of $61.64. The company has a market capitalization of $2.45 billion, a PE ratio of 86.62 and a beta of 0.40.

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

Institutional Trading of Madison Square Garden Entertainment

Several hedge funds have recently made changes to their positions in the stock. Perigon Wealth Management LLC bought a new stake in Madison Square Garden Entertainment in the 4th quarter valued at about $261,000. Exchange Traded Concepts LLC lifted its holdings in Madison Square Garden Entertainment by 26.3% in the 4th quarter. Exchange Traded Concepts LLC now owns 26,929 shares of the company’s stock valued at $1,451,000 after acquiring an additional 5,600 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Madison Square Garden Entertainment by 253.7% during the fourth quarter. SG Americas Securities LLC now owns 13,959 shares of the company’s stock worth $752,000 after buying an additional 10,012 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Madison Square Garden Entertainment by 3.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,070,137 shares of the company’s stock worth $57,670,000 after acquiring an additional 36,363 shares in the last quarter. Finally, Harbour Capital Advisors LLC acquired a new position in shares of Madison Square Garden Entertainment in the 4th quarter valued at $1,075,000. Institutional investors own 96.86% of the company’s stock.

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.