Y Intercept Hong Kong Ltd lifted its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE – Free Report) by 483.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 46,855 shares of the company’s stock after purchasing an additional 38,825 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Madison Square Garden Entertainment were worth $2,760,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Horizon Corp purchased a new stake in shares of Madison Square Garden Entertainment in the 4th quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Madison Square Garden Entertainment during the 4th quarter valued at approximately $45,000. Atlantic Edge Private Wealth Management LLC acquired a new position in Madison Square Garden Entertainment in the fourth quarter valued at approximately $47,000. CIBC Private Wealth Group LLC grew its position in Madison Square Garden Entertainment by 3,248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock worth $67,000 after acquiring an additional 1,202 shares during the period. Finally, State of Wyoming acquired a new stake in Madison Square Garden Entertainment during the second quarter worth $62,000. 96.86% of the stock is currently owned by institutional investors and hedge funds.
Madison Square Garden Entertainment Stock Down 1.2%
Shares of MSGE opened at $74.97 on Wednesday. The company’s 50-day simple moving average is $71.69 and its 200-day simple moving average is $63.40. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. Madison Square Garden Entertainment Corp. has a 1 year low of $35.31 and a 1 year high of $82.79. The stock has a market capitalization of $3.03 billion, a PE ratio of 73.50 and a beta of 0.54.
Analyst Upgrades and Downgrades
MSGE has been the topic of several recent analyst reports. Seaport Research Partners reaffirmed a “neutral” rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. Morgan Stanley raised their price objective on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 23rd. Wall Street Zen cut shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings lowered shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. Finally, Susquehanna lifted their price target on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a research report on Thursday, May 28th. One investment 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $73.50.
Read Our Latest Stock Analysis on MSGE
Insider Activity at Madison Square Garden Entertainment
In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $74.48, for a total transaction of $737,873.36. Following the sale, the executive vice president owned 15,772 shares of the company’s stock, valued at approximately $1,174,698.56. This represents a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.41% of the stock is currently owned by company insiders.
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.
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