Madison Square Garden Entertainment (NYSE:MSGE) Stock Gets Downgrade from Wall Street Zen

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

A number of other research firms have also commented on MSGE. Susquehanna cut their price objective on shares of Madison Square Garden Entertainment from $103.00 to $92.00 and set a “positive” rating for the company in a research report on Monday, October 26th. Zacks Research lowered Madison Square Garden Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 12th. Guggenheim raised their target price on Madison Square Garden Entertainment from $82.00 to $103.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Thursday. Finally, BTIG Research upped their price objective on Madison Square Garden Entertainment from $86.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Four research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $90.25.

Madison Square Garden Entertainment Stock Down 0.3%

Shares of NYSE MSGE opened at $80.14 on Friday. The business has a 50-day moving average price of $79.24 and a 200 day moving average price of $70.42. The stock has a market cap of $3.25 billion, a PE ratio of 58.07 and a beta of 0.56. Madison Square Garden Entertainment has a 52-week low of $43.33 and a 52-week high of $90.41. 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 posted its earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.23. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%. The company had revenue of $196.32 million for the quarter, compared to analysts’ expectations of $166.62 million. During the same period last year, the business posted ($0.57) earnings per share. The firm’s quarterly revenue was up 27.4% compared to the same quarter last year. Equities research analysts forecast that Madison Square Garden Entertainment will post 2.51 earnings per share for the current year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nykredit A S purchased a new stake in Madison Square Garden Entertainment during the second quarter valued at $46,000. Putney Financial Group LLC acquired a new stake in shares of Madison Square Garden Entertainment in the third quarter valued at $69,000. GK Wealth Management LLC purchased a new position in Madison Square Garden Entertainment during the 3rd quarter worth approximately $73,000. TD Waterhouse Canada Inc. increased its stake in Madison Square Garden Entertainment by 957.7% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,174 shares of the company’s stock valued at $94,000 after purchasing an additional 1,063 shares in the last quarter. Finally, Sterling Capital Management LLC grew its holdings in Madison Square Garden Entertainment by 840.0% in the 3rd quarter. Sterling Capital Management LLC now owns 1,316 shares of the company’s stock valued at $105,000 after buying an additional 1,176 shares during the period. Institutional investors own 96.86% of the company’s stock.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is a live entertainment company that owns, operates and manages prominent entertainment venues and produces live events. Its portfolio includes Madison Square Garden, Radio City Music Hall, the Beacon Theatre and The Chicago Theatre, as well as the Hulu Theater at Madison Square Garden.

The company presents and promotes concerts, family entertainment, comedy shows, sporting events and other special events. It also produces the annual Christmas Spectacular Starring the Radio City Rockettes and supports a range of entertainment experiences through its venue operations, booking activities and event-related services.

Madison Square Garden Entertainment primarily serves audiences in the United States, with a concentration in New York City and Chicago.