Madison Square Garden Entertainment (NYSE:MSGE) Shares Gap Up – Should You Buy?

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s stock price gapped up prior to trading on Tuesday. The stock had previously closed at $79.09, but opened at $82.37. Madison Square Garden Entertainment shares last traded at $82.3650, with a volume of 12,088 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, September 19th. Piper Sandler began coverage on Madison Square Garden Entertainment in a research report on Thursday, August 20th. They issued a “neutral” rating and a $86.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a “neutral” rating in a research note on Thursday, August 13th. Susquehanna increased their price target on shares of Madison Square Garden Entertainment from $80.00 to $103.00 and gave the company a “positive” rating in a report on Thursday, August 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $91.62.

Madison Square Garden Entertainment Stock Performance

The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of 59.48 and a beta of 0.56. The firm’s 50-day moving average price is $78.99 and its two-hundred day moving average price is $71.56. The company has a debt-to-equity ratio of 11.80, a quick ratio of 0.70 and a current ratio of 0.70.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.23. The firm 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 company’s revenue for the quarter was up 27.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.57) earnings per share. Sell-side analysts predict that Madison Square Garden Entertainment Corp. will post 2.5 earnings per share for the current year.

Institutional Trading of Madison Square Garden Entertainment

A number of large investors have recently bought and sold shares of MSGE. Jericho Capital Asset Management L.P. lifted its holdings in Madison Square Garden Entertainment by 26.9% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock valued at $197,384,000 after purchasing an additional 777,000 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Madison Square Garden Entertainment by 13.1% during the first quarter. Assenagon Asset Management S.A. now owns 1,210,718 shares of the company’s stock worth $71,323,000 after buying an additional 140,581 shares in the last quarter. Gabelli Funds LLC increased its holdings in shares of Madison Square Garden Entertainment by 2.4% during the first quarter. Gabelli Funds LLC now owns 500,420 shares of the company’s stock worth $29,480,000 after buying an additional 11,746 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Madison Square Garden Entertainment by 27.7% in the first quarter. Bank of America Corp DE now owns 223,411 shares of the company’s stock valued at $13,161,000 after acquiring an additional 48,453 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Madison Square Garden Entertainment in the 1st quarter worth approximately $11,181,000. 96.86% of the stock is currently owned by institutional investors.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. is a live entertainment company that owns, operates and produces events at prominent venues in the United States. Its portfolio includes Madison Square Garden and Radio City Music Hall in New York City, as well as the Beacon Theatre in New York and The Chicago Theatre in Illinois.

The company presents concerts, comedy shows, family entertainment, sporting events and other live performances. Its productions include the annual Christmas Spectacular Starring the Radio City Rockettes, along with original entertainment and special events.