Madison Square Garden Entertainment (NYSE:MSGE) Price Target Raised to $103.00

Madison Square Garden Entertainment (NYSE:MSGE) had its price target hoisted by Susquehanna from $80.00 to $103.00 in a research report released on Thursday,Benzinga reports. Susquehanna currently has a positive rating on the stock.

MSGE has been the subject of several other research reports. Seaport Research Partners reaffirmed a “neutral” rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. The Goldman Sachs Group reissued a “neutral” rating and set a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. Guggenheim upped their price target on shares of Madison Square Garden Entertainment from $82.00 to $103.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. raised their price target on shares of Madison Square Garden Entertainment from $67.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, July 21st. Four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Madison Square Garden Entertainment has an average rating of “Hold” and an average target price of $92.43.

Madison Square Garden Entertainment Price Performance

Shares of MSGE opened at $85.38 on Thursday. Madison Square Garden Entertainment has a 12-month low of $36.05 and a 12-month high of $90.41. The business has a 50-day simple moving average of $76.76 and a two-hundred day simple moving average of $67.54. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 11.80. The stock has a market cap of $3.45 billion, a PE ratio of 61.87 and a beta of 0.56.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Wednesday, August 12th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.23. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%.The firm had revenue of $196.32 million during the quarter, compared to the consensus estimate of $166.62 million. During the same period last year, the company earned ($0.57) earnings per share. The business’s quarterly revenue was up 27.4% on a year-over-year basis. Analysts anticipate that Madison Square Garden Entertainment will post 2.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 16.41% of the company’s stock.

Institutional Trading of Madison Square Garden Entertainment

Several institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Madison Square Garden Entertainment by 5.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock valued at $775,000 after purchasing an additional 1,193 shares during the period. Millennium Management LLC bought a new position in Madison Square Garden Entertainment during the 1st quarter worth approximately $4,994,000. Dynamic Technology Lab Private Ltd bought a new position in Madison Square Garden Entertainment during the 1st quarter worth approximately $210,000. Jane Street Group LLC acquired a new position in shares of Madison Square Garden Entertainment in the 1st quarter worth approximately $1,468,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Madison Square Garden Entertainment by 53.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company’s stock worth $4,089,000 after purchasing an additional 35,678 shares during the period. 96.86% of the stock is currently owned by institutional investors.

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.