Madison Square Garden Entertainment (NYSE:MSGE) Upgraded by Wall Street Zen to “Buy” Rating

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

Other research analysts have also recently issued reports about the company. The Goldman Sachs Group reissued a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research note on Monday, January 5th. Guggenheim upped their target price on shares of Madison Square Garden Entertainment from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, February 3rd. JPMorgan Chase & Co. lifted their price target on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the company a “neutral” rating in a research note on Wednesday, February 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th. Finally, Wolfe Research downgraded Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $56.67.

Madison Square Garden Entertainment Trading Up 2.2%

NYSE MSGE opened at $63.06 on Friday. The company has a market capitalization of $2.55 billion, a PE ratio of 58.39 and a beta of 0.39. Madison Square Garden Entertainment has a 12 month low of $28.29 and a 12 month high of $65.26. The stock has a 50-day simple moving average of $58.83 and a 200 day simple moving average of $49.92. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 15.40.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings results on Tuesday, February 3rd. The company reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.41). Madison Square Garden Entertainment had a net margin of 5.12% and a negative return on equity of 748.04%. The company had revenue of $459.94 million during the quarter, compared to the consensus estimate of $448.21 million. During the same period last year, the company earned $1.56 earnings per share. The business’s revenue was up 12.9% compared to the same quarter last year. Research analysts forecast that Madison Square Garden Entertainment will post 1.04 EPS for the current year.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the company’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the sale, the director directly owned 660 shares of the company’s stock, valued at approximately $42,081.60. This represents a 96.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 16.41% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MSGE. Deutsche Bank AG lifted its stake in Madison Square Garden Entertainment by 0.6% in the 4th quarter. Deutsche Bank AG now owns 32,473 shares of the company’s stock valued at $1,750,000 after purchasing an additional 181 shares during the last quarter. CWM LLC raised its stake in Madison Square Garden Entertainment by 15.1% in the fourth quarter. CWM LLC now owns 1,723 shares of the company’s stock valued at $93,000 after buying an additional 226 shares during the period. Rhumbline Advisers lifted its position in shares of Madison Square Garden Entertainment by 0.4% in the second quarter. Rhumbline Advisers now owns 63,178 shares of the company’s stock valued at $2,525,000 after buying an additional 272 shares during the last quarter. Garden State Investment Advisory Services LLC boosted its stake in shares of 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 acquiring an additional 306 shares during the period. Finally, Orion Porfolio Solutions LLC boosted its stake in shares of 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 acquiring an additional 418 shares during the period. 96.86% of the stock is currently owned by institutional investors and hedge funds.

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.