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

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) hit a new 52-week high during trading on Friday after Guggenheim raised their price target on the stock from $62.00 to $70.00. Guggenheim currently has a buy rating on the stock. Madison Square Garden Entertainment traded as high as $61.88 and last traded at $61.5010, with a volume of 131908 shares trading hands. The stock had previously closed at $60.54.

A number of other research analysts have also issued reports on the stock. Susquehanna raised their price objective on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the company a “positive” rating in a report on Thursday, December 11th. Wall Street Zen cut shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, December 20th. Wolfe Research downgraded shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. The Goldman Sachs Group restated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a report on Monday, January 5th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Institutional Trading of Madison Square Garden Entertainment

Hedge funds have recently modified their holdings of the stock. CWM LLC boosted its stake in Madison Square Garden Entertainment by 623.8% during the second quarter. CWM LLC now owns 1,035 shares of the company’s stock worth $41,000 after acquiring an additional 892 shares in the last quarter. Cullen Frost Bankers Inc. increased its stake in Madison Square Garden Entertainment by 163.0% in the second quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company’s stock valued at $43,000 after purchasing an additional 673 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Madison Square Garden Entertainment during the third quarter valued at about $59,000. State of Wyoming bought a new position in shares of Madison Square Garden Entertainment during the 2nd quarter worth about $62,000. Finally, KBC Group NV grew its stake in shares of Madison Square Garden Entertainment by 80.1% in the 2nd quarter. KBC Group NV now owns 1,688 shares of the company’s stock valued at $67,000 after buying an additional 751 shares during the period. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Trading Up 1.6%

The business has a 50-day moving average of $53.06 and a 200 day moving average of $45.91. The firm has a market capitalization of $2.48 billion, a P/E ratio of 88.02 and a beta of 0.40.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.46) EPS for the quarter, beating 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 firm had revenue of $158.26 million during the quarter, compared to analysts’ expectations of $156.62 million. During the same quarter last year, the firm posted ($0.40) earnings per share. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, research analysts forecast that Madison Square Garden Entertainment Corp. will post 1.04 EPS for the current year.

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.