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

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

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. upped their price target on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a research note on Wednesday. Wolfe Research cut Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. The Goldman Sachs Group reaffirmed a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. Susquehanna upped their price target 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. Finally, Guggenheim raised their price objective on shares of Madison Square Garden Entertainment from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.00.

Madison Square Garden Entertainment Stock Up 2.5%

Shares of MSGE opened at $60.81 on Friday. Madison Square Garden Entertainment has a twelve month low of $28.29 and a twelve month high of $63.10. The stock has a market cap of $2.45 billion, a PE ratio of 56.31 and a beta of 0.39. The business’s 50-day moving average price is $55.93 and its 200-day moving average price is $47.57.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.35 by ($0.41). Madison Square Garden Entertainment had a negative return on equity of 270.62% and a net margin of 5.12%.The business had revenue of $459.94 million for the quarter, compared to the consensus estimate of $448.21 million. During the same period in the previous year, the firm earned $1.56 EPS. The company’s revenue was up 12.9% on a year-over-year basis. Analysts expect that Madison Square Garden Entertainment will post 1.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Hedge funds have recently bought and sold shares of the business. First Horizon Corp bought a new position in Madison Square Garden Entertainment during the 4th quarter valued at about $37,000. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Madison Square Garden Entertainment during the fourth quarter valued at approximately $47,000. CWM LLC lifted its position in Madison Square Garden Entertainment by 623.8% during the second quarter. CWM LLC now owns 1,035 shares of the company’s stock valued at $41,000 after purchasing an additional 892 shares during the period. Cullen Frost Bankers Inc. boosted its holdings in Madison Square Garden Entertainment by 163.0% in the second quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company’s stock worth $43,000 after purchasing an additional 673 shares during the last quarter. Finally, State of Alaska Department of Revenue bought a new stake in Madison Square Garden Entertainment in the 3rd quarter worth approximately $59,000. Hedge funds and other 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.