Madison Square Garden Entertainment (NYSE:MSGE) Hits New 12-Month High – What’s Next?

Madison Square Garden Entertainment Corp. (NYSE:MSGE) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $44.04 and last traded at $43.99, with a volume of 56603 shares. The stock had previously closed at $43.40.

Analyst Ratings Changes

A number of brokerages recently issued reports on MSGE. Macquarie increased their price objective on Madison Square Garden Entertainment from $46.00 to $47.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Morgan Stanley lifted their price objective on shares of Madison Square Garden Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. The Goldman Sachs Group raised shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $41.00 to $45.00 in a report on Wednesday, July 24th. Finally, Bank of America boosted their price target on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Madison Square Garden Entertainment has an average rating of “Moderate Buy” and a consensus price target of $44.20.

Madison Square Garden Entertainment Stock Down 1.0 %

The company has a 50 day moving average of $41.25 and a two-hundred day moving average of $38.39. The firm has a market cap of $1.78 billion, a P/E ratio of 36.74, a PEG ratio of 3.70 and a beta of 0.13.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Friday, August 16th. The company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $1.97. Madison Square Garden Entertainment had a net margin of 15.04% and a negative return on equity of 138.81%. The company had revenue of $186.10 million for the quarter, compared to analysts’ expectations of $173.26 million. During the same quarter in the previous year, the company posted ($0.47) EPS. The business’s revenue was up 25.8% compared to the same quarter last year. Research analysts expect that Madison Square Garden Entertainment Corp. will post 1.66 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of Madison Square Garden Entertainment stock in a transaction 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 transaction, the executive vice president now directly owns 12,192 shares in the company, valued at $517,306.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 18.72% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Quent Capital LLC boosted its stake in Madison Square Garden Entertainment by 1,838.2% in the 1st quarter. Quent Capital LLC now owns 659 shares of the company’s stock worth $26,000 after purchasing an additional 625 shares during the period. Principal Financial Group Inc. purchased a new position in shares of Madison Square Garden Entertainment during the first quarter valued at $205,000. DekaBank Deutsche Girozentrale grew its holdings in shares of Madison Square Garden Entertainment by 101.6% during the first quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock valued at $207,000 after buying an additional 2,639 shares in the last quarter. OFI Invest Asset Management acquired a new position in Madison Square Garden Entertainment during the second quarter valued at $251,000. Finally, Marshall Wace LLP lifted its stake in Madison Square Garden Entertainment by 5.8% in 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 in the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

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.