AlphaQuest LLC Invests $471,000 in MSG Entertainment (NYSE:MSGE)

AlphaQuest LLC purchased a new position in shares of MSG Entertainment (NYSE:MSGE) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 13,221 shares of the company’s stock, valued at approximately $471,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. OFI Invest Asset Management purchased a new stake in shares of MSG Entertainment during the 4th quarter worth about $270,000. Victory Capital Management Inc. raised its stake in shares of MSG Entertainment by 18.8% in the 4th quarter. Victory Capital Management Inc. now owns 20,797 shares of the company’s stock valued at $740,000 after acquiring an additional 3,294 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of MSG Entertainment by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 339,977 shares of the company’s stock valued at $12,103,000 after acquiring an additional 5,677 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of MSG Entertainment by 32.7% in the 4th quarter. Bank of New York Mellon Corp now owns 151,142 shares of the company’s stock valued at $5,381,000 after acquiring an additional 37,240 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd raised its stake in shares of MSG Entertainment by 131.7% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 15,802 shares of the company’s stock valued at $563,000 after acquiring an additional 8,983 shares in the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MSG Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of MSG Entertainment stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $30.96, for a total transaction of $2,078,747.28. Following the sale, the insider now owns 6,015 shares of the company’s stock, valued at approximately $186,224.40. This trade represents a 91.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 17.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MSGE shares. Wolfe Research raised MSG Entertainment from a “peer perform” rating to an “outperform” rating and set a $46.00 price objective on the stock in a research note on Tuesday. Macquarie reissued an “outperform” rating and issued a $45.00 price objective on shares of MSG Entertainment in a research note on Monday, February 10th.

MSG Entertainment Stock Performance

MSGE opened at $31.85 on Thursday. The firm has a market capitalization of $1.31 billion, a P/E ratio of 12.11, a price-to-earnings-growth ratio of 5.09 and a beta of 0.11. The stock’s 50 day moving average price is $35.41 and its two-hundred day moving average price is $37.90. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 56.61. MSG Entertainment has a 12-month low of $30.56 and a 12-month high of $44.14.

MSG Entertainment (NYSE:MSGE) last released its earnings results on Thursday, February 6th. The company reported $1.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.16 by ($0.60). MSG Entertainment had a net margin of 13.15% and a negative return on equity of 323.63%. On average, equities analysts forecast that MSG Entertainment will post 1.04 earnings per share for the current year.

MSG Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.