Madison Square Garden Entertainment Corp. (NYSE:MSGE) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on Madison Square Garden Entertainment, with four buy ratings, one strong-buy rating and six holds. The average 12-month price target is $91.63, with Guggenheim and BTIG Research recently raising their targets to $103 and $100, respectively.
• MSGE reported better-than-expected quarterly results, posting an adjusted loss of $0.21 per share versus the $0.44 expected loss and revenue of $196.32 million versus estimates of $166.62 million. Revenue increased 27.4% year over year.
• The stock opened at $80.96 and has risen 1.7%, while institutional investors own a substantial 96.86% of shares. An executive recently sold 9,907 shares, reducing his position by 38.58%.

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) have earned an average rating of "Moderate Buy" from the eleven research firms that are presently covering the firm, MarketBeat reports. Six research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $91.6250.

Several equities analysts have recently issued reports on the company. Guggenheim lifted their price target on Madison Square Garden Entertainment from $82.00 to $103.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. BTIG Research increased their price objective on shares of 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. Wall Street Zen upgraded shares of Madison Square Garden Entertainment from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Seaport Research Partners reaffirmed a "neutral" rating on shares of Madison Square Garden Entertainment in a report on Monday, June 29th. Finally, Zacks Research upgraded shares of Madison Square Garden Entertainment from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 17th.

Madison Square Garden Entertainment Stock Up 1.7%

MSGE stock opened at $80.96 on Wednesday. Madison Square Garden Entertainment has a twelve month low of $38.97 and a twelve month 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. The firm has a market cap of $3.27 billion, a PE ratio of 58.66 and a beta of 0.56. The business has a 50 day moving average of $77.85 and a 200 day moving average of $68.60.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $196.32 million during the quarter, compared to analysts' expectations of $166.62 million. During the same quarter in the previous year, the business earned ($0.57) earnings per share. The firm's quarterly revenue was up 27.4% compared to the same quarter last year. On average, research analysts forecast that Madison Square Garden Entertainment will post 2.5 EPS for the current fiscal year.

Insider Buying and Selling at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the transaction, the executive vice president directly owned 15,772 shares in the company, valued at $1,174,698.56. The trade was a 38.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 16.41% of the stock is owned by company insiders.

Institutional Trading of Madison Square Garden Entertainment

Several institutional investors have recently added to or reduced their stakes in the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Madison Square Garden Entertainment in the second quarter worth $202,000. California State Teachers Retirement System boosted its position in shares of Madison Square Garden Entertainment by 7,444.0% during the second quarter. California State Teachers Retirement System now owns 3,486,521 shares of the company's stock valued at $282,025,000 after buying an additional 3,440,305 shares during the last quarter. Odyssean LLC boosted its position in shares of Madison Square Garden Entertainment by 60.2% during the second quarter. Odyssean LLC now owns 40,452 shares of the company's stock valued at $3,272,000 after buying an additional 15,203 shares during the last quarter. Nykredit A S bought a new stake in Madison Square Garden Entertainment in the 2nd quarter worth about $46,000. Finally, Bank of New York Mellon Corp bought a new stake in Madison Square Garden Entertainment in the 2nd quarter worth about $9,497,000. 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.

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