Envestnet Asset Management Inc. Has $2.66 Million Holdings in Madison Square Garden Entertainment Corp. $MSGE

Envestnet Asset Management Inc. trimmed its holdings in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 14.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,713 shares of the company’s stock after selling 9,602 shares during the period. Envestnet Asset Management Inc. owned 0.15% of Madison Square Garden Entertainment worth $2,656,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of MSGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Madison Square Garden Entertainment by 5.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock worth $775,000 after purchasing an additional 1,193 shares during the last quarter. Millennium Management LLC acquired a new position in Madison Square Garden Entertainment during the 1st quarter worth about $4,994,000. Dynamic Technology Lab Private Ltd acquired a new position in Madison Square Garden Entertainment during the 1st quarter worth about $210,000. Jane Street Group LLC bought a new stake in Madison Square Garden Entertainment during the 1st quarter worth about $1,468,000. Finally, CWM LLC increased its position in Madison Square Garden Entertainment by 623.8% in the 2nd quarter. CWM LLC now owns 1,035 shares of the company’s stock valued at $41,000 after acquiring an additional 892 shares in the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MSGE. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Wolfe Research lowered Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research report on Monday, December 15th. Guggenheim boosted their target price on Madison Square Garden Entertainment from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, February 3rd. The Goldman Sachs Group reaffirmed a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research note on Monday, January 5th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $56.67.

Insider Activity at Madison Square Garden Entertainment

In related news, Director Charles P. Dolan sold 19,311 shares of the business’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $63.76, for a total value 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. The trade was a 96.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 16.41% of the stock is currently owned by insiders.

Madison Square Garden Entertainment Trading Up 2.6%

NYSE MSGE opened at $61.76 on Friday. Madison Square Garden Entertainment Corp. has a one year low of $28.29 and a one year high of $65.26. The company has a debt-to-equity ratio of 15.40, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a market cap of $2.50 billion, a P/E ratio of 57.19 and a beta of 0.39. The stock’s 50-day moving average is $58.62 and its 200-day moving average is $49.76.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Tuesday, February 3rd. The company reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.41). Madison Square Garden Entertainment had a negative return on equity of 748.04% 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 company posted $1.56 earnings per share. Madison Square Garden Entertainment’s revenue for the quarter was up 12.9% compared to the same quarter last year. Sell-side analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current fiscal year.

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.