Madison Square Garden Entertainment (NYSE:MSGE) Downgraded by Wall Street Zen to "Hold"

Key Points

• Wall Street Zen downgraded Madison Square Garden Entertainment from “Buy” to “Hold.” The broader analyst consensus is also “Hold,” with four Buy ratings, seven Hold ratings and an average price target of $90.25.
• MSGE shares opened at $80.14, compared with a 52-week range of $43.33 to $90.41. The company has a $3.25 billion market capitalization and trades at a price-to-earnings ratio of 58.07.
• The company reported better-than-expected quarterly results, posting an adjusted loss of $0.21 per share versus estimates of a $0.44 loss and revenue of $196.32 million, up 27.4% year over year. Institutional investors own approximately 96.86% of the stock.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other analysts have also issued reports on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Madison Square Garden Entertainment in a research note on Thursday. JPMorgan Chase & Co. raised their target price on 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. Bank of America lifted their target price on Madison Square Garden Entertainment from $80.00 to $96.00 and gave the company a "buy" rating in a report on Friday, August 14th. The Goldman Sachs Group cut Madison Square Garden Entertainment from a "buy" rating to a "neutral" rating and upped their price target for the company from $72.00 to $82.00 in a research report on Thursday, July 9th. Finally, Piper Sandler started coverage on Madison Square Garden Entertainment in a research report on Thursday, August 20th. They set a "neutral" rating and a $86.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $90.25.

Madison Square Garden Entertainment Stock Down 1.2%

MSGE opened at $80.14 on Friday. The company has a 50 day moving average of $79.24 and a 200 day moving average of $70.42. The company has a market cap of $3.25 billion, a PE ratio of 58.07 and a beta of 0.55. Madison Square Garden Entertainment has a 12 month low of $43.33 and a 12 month high of $90.41. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 11.80.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued 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 net margin of 6.24% and a return on equity of 480.83%. The business had revenue of $196.32 million for the quarter, compared to analysts' expectations of $166.62 million. During the same quarter in the previous year, the firm posted ($0.57) EPS. The business's revenue for the quarter was up 27.4% compared to the same quarter last year. On average, sell-side analysts expect that Madison Square Garden Entertainment will post 2.51 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Putney Financial Group LLC purchased a new position in Madison Square Garden Entertainment in the 3rd quarter worth approximately $69,000. VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in shares of Madison Square Garden Entertainment by 444.0% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 13,600 shares of the company's stock worth $1,089,000 after buying an additional 11,100 shares during the last quarter. Gibbs Wealth Management purchased a new stake in shares of Madison Square Garden Entertainment during the 3rd quarter valued at $454,000. Sterling Capital Management LLC raised its position in shares of Madison Square Garden Entertainment by 840.0% during 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 in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Madison Square Garden Entertainment by 62.7% during the 3rd quarter. Nisa Investment Advisors LLC now owns 5,484 shares of the company's stock valued at $439,000 after buying an additional 2,113 shares in the last quarter. Institutional investors own 96.86% of the company's stock.

Madison Square Garden Entertainment Company Profile

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.

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