Madison Square Garden Entertainment (NYSE:MSGE) Sets New 12-Month High on Analyst Upgrade

Madison Square Garden Entertainment Corp. (NYSE:MSGE) reached a new 52-week high on Friday after Guggenheim raised their price target on the stock from $62.00 to $70.00. Guggenheim currently has a buy rating on the stock. Madison Square Garden Entertainment traded as high as $61.88 and last traded at $61.5010, with a volume of 131908 shares trading hands. The stock had previously closed at $60.54.

Several other analysts have also issued reports on MSGE. The Goldman Sachs Group restated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. JPMorgan Chase & Co. boosted their price objective 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. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Monday, December 29th. Susquehanna lifted their target price on Madison Square Garden Entertainment from $51.00 to $61.00 and gave the company a “positive” rating in a research report on Thursday, December 11th. Finally, Wolfe Research lowered Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Institutional Trading of Madison Square Garden Entertainment

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC increased its holdings in shares of Madison Square Garden Entertainment by 623.8% in the second quarter. CWM LLC now owns 1,035 shares of the company’s stock worth $41,000 after purchasing an additional 892 shares during the last quarter. Cullen Frost Bankers Inc. lifted its holdings in shares of Madison Square Garden Entertainment by 163.0% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company’s stock valued at $43,000 after acquiring an additional 673 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in Madison Square Garden Entertainment in the third quarter worth about $59,000. State of Wyoming bought a new stake in Madison Square Garden Entertainment during the second quarter worth approximately $62,000. Finally, KBC Group NV increased its stake in Madison Square Garden Entertainment by 80.1% during the second quarter. KBC Group NV now owns 1,688 shares of the company’s stock worth $67,000 after acquiring an additional 751 shares during the last quarter. 96.86% of the stock is currently owned by institutional investors.

Madison Square Garden Entertainment Price Performance

The firm has a market capitalization of $2.47 billion, a PE ratio of 87.46 and a beta of 0.40. The business has a 50-day simple moving average of $53.37 and a 200-day simple moving average of $46.06.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.46) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.13. The company had revenue of $158.26 million for 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 quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.40) EPS. On average, research analysts expect that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current year.

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.