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

Madison Square Garden Entertainment Corp. (NYSE:MSGE) shares hit a new 52-week high during trading on Monday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The company traded as high as $48.18 and last traded at $48.0490, with a volume of 68553 shares changing hands. The stock had previously closed at $46.51.

Other research analysts have also recently issued reports about the stock. Morgan Stanley raised their target price on shares of Madison Square Garden Entertainment from $41.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 12th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Madison Square Garden Entertainment in a research report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their target price on shares of Madison Square Garden Entertainment from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday. Finally, The Goldman Sachs Group lifted their price objective on shares of Madison Square Garden Entertainment from $42.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Madison Square Garden Entertainment presently has a consensus rating of “Moderate Buy” and an average target price of $45.50.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently added to or reduced their stakes in the business. Citigroup Inc. lifted its position in shares of Madison Square Garden Entertainment by 220.9% during the 3rd quarter. Citigroup Inc. now owns 59,436 shares of the company’s stock valued at $2,689,000 after acquiring an additional 40,917 shares during the period. AlphaQuest LLC boosted its position in shares of Madison Square Garden Entertainment by 198.6% during the 3rd quarter. AlphaQuest LLC now owns 4,593 shares of the company’s stock worth $208,000 after purchasing an additional 3,055 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in Madison Square Garden Entertainment in the 3rd quarter valued at about $59,000. SG Americas Securities LLC acquired a new position in Madison Square Garden Entertainment during the 3rd quarter worth approximately $179,000. Finally, CWM LLC boosted its holdings in Madison Square Garden Entertainment by 44.6% in the third quarter. CWM LLC now owns 1,497 shares of the company’s stock worth $68,000 after acquiring an additional 462 shares in the last quarter. 96.86% of the stock is owned by institutional investors.

Madison Square Garden Entertainment Price Performance

The firm has a market cap of $1.94 billion, a PE ratio of 68.83 and a beta of 0.48. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.47 and a quick ratio of 0.47. The business’s fifty day moving average is $44.16 and its 200-day moving average is $40.08.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Thursday, November 6th. The company reported ($0.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.13. Madison Square Garden Entertainment had a net margin of 3.65% and a return on equity of 2,102.70%. The firm had revenue of $158.26 million during the quarter, compared to the consensus estimate of $156.62 million. During the same period in the prior year, the firm earned ($0.40) EPS. The company’s revenue was up 14.1% compared to the same quarter last year. On average, research analysts predict that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current fiscal year.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.