Madison Square Garden Entertainment Corp. (NYSE:MSGE) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) have earned an average rating of “Moderate Buy” from the eight ratings firms that are covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $64.3333.

Several analysts recently weighed in on MSGE shares. JPMorgan Chase & Co. raised their price objective on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. BTIG Research reissued a “buy” rating on shares of Madison Square Garden Entertainment in a report on Thursday. Guggenheim lifted their price target on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, Weiss Ratings cut shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MSGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 worth $775,000 after acquiring an additional 1,193 shares during the last quarter. Millennium Management LLC bought a new position in Madison Square Garden Entertainment in the first quarter valued at about $4,994,000. Dynamic Technology Lab Private Ltd bought a new position in Madison Square Garden Entertainment in the first quarter valued at about $210,000. Jane Street Group LLC acquired a new stake in shares of Madison Square Garden Entertainment during the first quarter valued at about $1,468,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Madison Square Garden Entertainment by 53.5% during the second quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company’s stock valued at $4,089,000 after purchasing an additional 35,678 shares in the last quarter. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE:MSGE opened at $69.52 on Monday. Madison Square Garden Entertainment has a 1 year low of $35.31 and a 1 year high of $70.81. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 68.16 and a beta of 0.61. The company has a debt-to-equity ratio of 11.40, a current ratio of 0.72 and a quick ratio of 0.72. The company’s 50 day simple moving average is $62.02 and its 200 day simple moving average is $57.64.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The business had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. During the same period in the prior year, the business posted $0.17 EPS. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, research analysts predict that Madison Square Garden Entertainment will post 1.28 EPS for the current fiscal 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.