Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 52-Week High – What’s Next?

Madison Square Garden Entertainment Corp. (NYSE:MSGE) reached a new 52-week high on Thursday . The stock traded as high as $60.81 and last traded at $60.7050, with a volume of 379060 shares changing hands. The stock had previously closed at $59.35.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MSGE shares. The Goldman Sachs Group restated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. Wolfe Research cut shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. Susquehanna increased their price objective on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a research report on Thursday, December 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Monday, December 29th. Finally, JPMorgan Chase & Co. upped their target price on Madison Square Garden Entertainment from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.17.

Madison Square Garden Entertainment Price Performance

The stock has a market capitalization of $2.45 billion, a P/E ratio of 86.72 and a beta of 0.40. The stock’s fifty day moving average price is $51.61 and its 200 day moving average price is $45.09.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.13. The company had revenue of $158.26 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.40) EPS. On average, sell-side analysts expect that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Exchange Traded Concepts LLC raised its position in Madison Square Garden Entertainment by 26.3% during the 4th quarter. Exchange Traded Concepts LLC now owns 26,929 shares of the company’s stock valued at $1,451,000 after purchasing an additional 5,600 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Madison Square Garden Entertainment by 253.7% in the fourth quarter. SG Americas Securities LLC now owns 13,959 shares of the company’s stock valued at $752,000 after acquiring an additional 10,012 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Madison Square Garden Entertainment by 3.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,070,137 shares of the company’s stock worth $57,670,000 after acquiring an additional 36,363 shares during the period. Harbour Capital Advisors LLC bought a new position in Madison Square Garden Entertainment during the 4th quarter worth about $1,075,000. Finally, CIBC Bancorp USA Inc. bought a new position in Madison Square Garden Entertainment during the 3rd quarter worth about $247,000. 96.86% of the stock is currently owned by hedge funds and other 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.