Madison Square Garden Entertainment (NYSE:MSGE) Now Covered by Analysts at BTIG Research

BTIG Research started coverage on shares of Madison Square Garden Entertainment (NYSE:MSGE) in a research report sent to investors on Tuesday, MarketBeat.com reports. The firm issued a buy rating and a $70.00 price target on the stock.

A number of other equities analysts have also weighed in on MSGE. Wall Street Zen raised shares of Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. JPMorgan Chase & Co. upped their price target on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Friday, March 27th. The Goldman Sachs Group reaffirmed a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. Finally, Guggenheim upped their price target on shares of 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. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $60.67.

Madison Square Garden Entertainment Stock Performance

NYSE:MSGE opened at $60.57 on Tuesday. The firm has a 50 day simple moving average of $59.72 and a 200-day simple moving average of $53.39. 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 $2.45 billion, a PE ratio of 56.08 and a beta of 0.48. Madison Square Garden Entertainment has a 1-year low of $28.51 and a 1-year high of $65.26.

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

Insider Buying and Selling

In related news, Director Charles P. Dolan sold 19,311 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 16.41% of the company’s stock.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several institutional investors have recently bought and sold shares of MSGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in 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 buying an additional 1,193 shares during the period. Millennium Management LLC purchased a new stake in Madison Square Garden Entertainment during the first quarter worth approximately $4,994,000. Dynamic Technology Lab Private Ltd purchased a new stake in Madison Square Garden Entertainment during the first quarter worth approximately $210,000. Jane Street Group LLC purchased a new stake in Madison Square Garden Entertainment during the first quarter worth approximately $1,468,000. Finally, JPMorgan Chase & Co. grew its stake in Madison Square Garden Entertainment by 53.5% during the second quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company’s stock worth $4,089,000 after buying an additional 35,678 shares during the period. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

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.