Madison Square Garden Entertainment (NYSE:MSGE) Shares Down 6%

Madison Square Garden Entertainment Corp. (NYSE:MSGE – Get Rating) traded down 6% on Wednesday . The stock traded as low as $34.99 and last traded at $35.77. 28,787 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 375,182 shares. The stock had previously closed at $38.04.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Guggenheim assumed coverage on Madison Square Garden Entertainment in a report on Wednesday, May 17th. They issued a “buy” rating and a $37.00 price target for the company. Seaport Res Ptn reissued a “buy” rating on shares of Madison Square Garden Entertainment in a report on Sunday, April 23rd. Morgan Stanley assumed coverage on Madison Square Garden Entertainment in a report on Friday. They issued an “equal weight” rating and a $40.00 price target for the company. Finally, The Goldman Sachs Group assumed coverage on Madison Square Garden Entertainment in a report on Friday. They set a “neutral” rating and a $40.00 target price for the company. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Madison Square Garden Entertainment currently has a consensus rating of “Hold” and an average price target of $48.50.

Madison Square Garden Entertainment Stock Performance

The company has a 50-day moving average of $44.97 and a 200 day moving average of $48.06.

Insider Buying and Selling at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, Director Isiah Thomas III sold 931 shares of the company’s stock in a transaction on Thursday, March 9th. The stock was sold at an average price of $58.48, for a total value of $54,444.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 24.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Large investors have recently modified their holdings of the business. Rockefeller Capital Management L.P. lifted its stake in shares of Madison Square Garden Entertainment by 82.8% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 649 shares of the company’s stock valued at $28,000 after purchasing an additional 294 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Madison Square Garden Entertainment in the 1st quarter valued at $62,000. Great West Life Assurance Co. Can acquired a new position in shares of Madison Square Garden Entertainment in the 3rd quarter valued at $58,000. Tower Research Capital LLC TRC lifted its stake in shares of Madison Square Garden Entertainment by 40.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 1,800 shares of the company’s stock valued at $79,000 after purchasing an additional 515 shares during the last quarter. Finally, Dark Forest Capital Management LP lifted its stake in Madison Square Garden Entertainment by 3,687.0% during the 1st quarter. Dark Forest Capital Management LP now owns 2,045 shares of the company’s stock worth $121,000 after acquiring an additional 1,991 shares in the last quarter. Institutional investors and hedge funds own 73.28% of the company’s stock.

Madison Square Garden Entertainment Company Profile

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Madison Square Garden Entertainment Corp. engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.