Madison Square Garden Entertainment (NYSE:MSGE) Hits New 52-Week High – Here’s Why

Madison Square Garden Entertainment Corp. (NYSE:MSGE) shares hit a new 52-week high on Monday . The company traded as high as $52.36 and last traded at $51.95, with a volume of 2580 shares changing hands. The stock had previously closed at $51.79.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MSGE shares. Wall Street Zen upgraded shares of Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a report on Saturday. JPMorgan Chase & Co. increased their target price on Madison Square Garden Entertainment from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, November 7th. Morgan Stanley boosted their price target on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an “equal weight” rating in a report on Tuesday, August 12th. The Goldman Sachs Group upped their price objective on Madison Square Garden Entertainment from $42.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Monday, December 1st. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Madison Square Garden Entertainment presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.50.

Madison Square Garden Entertainment Trading Up 0.2%

The company has a market cap of $2.10 billion, a P/E ratio of 74.17 and a beta of 0.43. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 60.61. The business has a 50 day moving average price of $46.22 and a 200-day moving average price of $41.92.

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

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Madison Square Garden Entertainment in the first quarter valued at approximately $40,000. CWM LLC increased its holdings in shares of Madison Square Garden Entertainment by 623.8% during the 2nd quarter. CWM LLC now owns 1,035 shares of the company’s stock worth $41,000 after acquiring an additional 892 shares during the last quarter. Cullen Frost Bankers Inc. raised its stake in Madison Square Garden Entertainment by 163.0% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company’s stock valued at $43,000 after acquiring an additional 673 shares during the period. State of Alaska Department of Revenue acquired a new stake in Madison Square Garden Entertainment during the 3rd quarter valued at $59,000. Finally, State of Wyoming bought a new position in Madison Square Garden Entertainment during the second quarter worth $62,000. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden 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.