Madison Square Garden Entertainment Corp. (NYSE:MSGE) Sees Large Drop in Short Interest

Madison Square Garden Entertainment Corp. (NYSE:MSGE) saw a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 1,090,000 shares, a decline of 21.0% from the October 31st total of 1,380,000 shares. Based on an average daily trading volume, of 329,700 shares, the short-interest ratio is currently 3.3 days. Approximately 2.7% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MSGE. Bank of America upped their target price on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Macquarie dropped their price objective on shares of Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. Guggenheim reduced their price objective on shares of Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Finally, Morgan Stanley lowered their target price on shares of Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.00.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $42.43, for a total value of $254,580.00. Following the completion of the transaction, the executive vice president now owns 12,192 shares of the company’s stock, valued at $517,306.56. This represents a 32.98 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 17.85% of the company’s stock.

Institutional Trading of Madison Square Garden Entertainment

Hedge funds have recently modified their holdings of the company. Marshall Wace LLP grew its position in Madison Square Garden Entertainment by 5.8% during the 2nd quarter. Marshall Wace LLP now owns 7,800 shares of the company’s stock worth $267,000 after acquiring an additional 426 shares during the last quarter. Simplicity Wealth LLC grew its holdings in shares of Madison Square Garden Entertainment by 0.6% during the second quarter. Simplicity Wealth LLC now owns 75,696 shares of the company’s stock worth $2,591,000 after purchasing an additional 482 shares during the last quarter. Quent Capital LLC increased its stake in shares of Madison Square Garden Entertainment by 913.8% in the third quarter. Quent Capital LLC now owns 659 shares of the company’s stock valued at $28,000 after buying an additional 594 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Madison Square Garden Entertainment by 10.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,540 shares of the company’s stock valued at $292,000 after buying an additional 805 shares during the last quarter. Finally, Panagora Asset Management Inc. raised its holdings in shares of Madison Square Garden Entertainment by 7.8% in the second quarter. Panagora Asset Management Inc. now owns 20,706 shares of the company’s stock valued at $709,000 after buying an additional 1,491 shares during the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.

Madison Square Garden Entertainment Price Performance

Madison Square Garden Entertainment stock opened at $36.64 on Friday. The firm has a market capitalization of $1.76 billion, a P/E ratio of 10.01, a P/E/G ratio of 3.34 and a beta of 0.17. The stock has a fifty day moving average price of $40.54 and a two-hundred day moving average price of $38.42. Madison Square Garden Entertainment has a 52-week low of $29.71 and a 52-week high of $44.14.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Friday, November 8th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.39. Madison Square Garden Entertainment had a net margin of 18.38% and a negative return on equity of 261.70%. The business had revenue of $138.70 million for the quarter, compared to analyst estimates of $139.46 million. During the same quarter in the prior year, the firm earned ($0.73) EPS. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts predict that Madison Square Garden Entertainment will post 1.58 EPS for the current fiscal year.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in live entertainment business. The company produces, presents, and hosts live entertainment events, including concerts, sports events, and other live events, such as family shows, performing arts events, and special events. Its operations include a collection of venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production.