Madison Square Garden Entertainment (NYSE:MSGE) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen lowered shares of Madison Square Garden Entertainment (NYSE:MSGE) from a buy rating to a hold rating in a report published on Saturday.

A number of other research analysts have also recently issued reports on the stock. 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 report on Wednesday, October 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Monday, December 15th. Susquehanna boosted their price objective on Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a report on Thursday, December 11th. JPMorgan Chase & Co. raised their target price on Madison Square Garden Entertainment from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Finally, Wolfe Research downgraded Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday, December 15th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Madison Square Garden Entertainment currently has a consensus rating of “Hold” and a consensus price target of $49.17.

Madison Square Garden Entertainment Trading Up 1.2%

Shares of Madison Square Garden Entertainment stock opened at $52.54 on Friday. The stock has a market capitalization of $2.12 billion, a PE ratio of 75.06 and a beta of 0.43. Madison Square Garden Entertainment has a 52 week low of $28.29 and a 52 week high of $55.75. The stock has a 50 day moving average price of $47.89 and a two-hundred day moving average price of $43.00. The company has a debt-to-equity ratio of 60.61, a quick ratio of 0.48 and a current ratio of 0.48.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Thursday, November 6th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.13. Madison Square Garden Entertainment had a negative return on equity of 310.15% and a net margin of 3.65%.The company had revenue of $158.26 million for the quarter, compared to analysts’ expectations of $156.62 million. During the same period last year, the business earned ($0.40) EPS. Madison Square Garden Entertainment’s quarterly revenue was up 14.1% compared to the same quarter last year. As a group, equities analysts anticipate that Madison Square Garden Entertainment will post 1.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers raised its position in Madison Square Garden Entertainment by 0.4% in the second quarter. Rhumbline Advisers now owns 63,178 shares of the company’s stock worth $2,525,000 after acquiring an additional 272 shares during the period. Garden State Investment Advisory Services LLC grew its position in shares of Madison Square Garden Entertainment by 2.0% during the 2nd quarter. Garden State Investment Advisory Services LLC now owns 15,902 shares of the company’s stock valued at $636,000 after acquiring an additional 306 shares during the period. Orion Porfolio Solutions LLC increased its stake in shares of Madison Square Garden Entertainment by 1.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company’s stock worth $906,000 after purchasing an additional 418 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Madison Square Garden Entertainment by 25.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,217 shares of the company’s stock worth $89,000 after purchasing an additional 448 shares during the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Madison Square Garden Entertainment by 6.2% in the 3rd quarter. Sei Investments Co. now owns 7,731 shares of the company’s stock worth $350,000 after purchasing an additional 451 shares during the period. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Company Profile

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.