Madison Square Garden Entertainment (NYSE:MSGE) Raised to Buy at Wall Street Zen

Madison Square Garden Entertainment (NYSE:MSGE) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other equities research analysts have also recently commented on the stock. Morgan Stanley increased their target price on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Friday, July 31st. Piper Sandler began coverage on shares of Madison Square Garden Entertainment in a research note on Thursday, August 20th. They set a “neutral” rating and a $86.00 price objective for the company. The Goldman Sachs Group reiterated a “neutral” rating and issued a $82.00 price objective (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. Finally, BTIG Research raised their target price on shares of Madison Square Garden Entertainment from $86.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Madison Square Garden Entertainment Stock Up 0.1%

Shares of MSGE opened at $79.94 on Friday. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of 57.93 and a beta of 0.55. Madison Square Garden Entertainment has a 52 week low of $41.65 and a 52 week high of $90.41. The stock’s 50-day moving average price is $79.29 and its 200-day moving average price is $72.22. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 11.80.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.23. The company had revenue of $196.32 million during the quarter, compared to analysts’ expectations of $166.62 million. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The firm’s revenue for the quarter was up 27.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.57) earnings per share. On average, sell-side analysts predict that Madison Square Garden Entertainment will post 2.5 EPS for the current year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several institutional investors have recently bought and sold shares of the company. Scholtz & Company LLC grew its stake in Madison Square Garden Entertainment by 67.8% during the 2nd quarter. Scholtz & Company LLC now owns 62,037 shares of the company’s stock worth $5,018,000 after purchasing an additional 25,066 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Madison Square Garden Entertainment during the second quarter worth approximately $323,000. Squarepoint Ops LLC acquired a new stake in Madison Square Garden Entertainment in the second quarter valued at approximately $4,816,000. Nykredit A S acquired a new stake in Madison Square Garden Entertainment in the second quarter valued at approximately $46,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Madison Square Garden Entertainment in the second quarter worth approximately $202,000. 96.86% of the stock is owned by institutional investors and hedge funds.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is a live entertainment company that owns, operates and produces experiences at prominent venues. Its portfolio includes Madison Square Garden and Radio City Music Hall in New York City, the Beacon Theatre in New York, and The Chicago Theatre in Chicago.

The company presents concerts, comedy shows, family entertainment, theatrical productions and other cultural events. It is also known for producing the Radio City Christmas Spectacular, featuring the Rockettes, and for developing original entertainment and hospitality experiences connected with its venues.

Madison Square Garden Entertainment was established as an independent public company following the separation of the entertainment businesses from Madison Square Garden Sports Corp.