Algert Global LLC Makes New Investment in Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Algert Global LLC acquired a new stake of 10,130 shares valued at approximately $332,000 in Madison Square Garden Entertainment Corp. in the 1st quarter, indicating growing interest among institutional investors.
• Madison Square Garden Entertainment reported a quarterly earnings loss of ($0.50) per share, missing analyst expectations, with a revenue of $154.14 million which was up from expectations but down 17.2% year-over-year.
• Several analysts have raised their price targets for MSGE stock; Morgan Stanley's target increased to $44.00 and Goldman Sachs rated it as a "buy" with a target of $41.00, reflecting positive sentiment despite recent challenges.

Algert Global LLC purchased a new position in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 10,130 shares of the company's stock, valued at approximately $332,000.

Other large investors have also recently made changes to their positions in the company. KBC Group NV bought a new stake in shares of Madison Square Garden Entertainment in the first quarter worth about $31,000. NBC Securities Inc. increased its holdings in shares of Madison Square Garden Entertainment by 136,900.0% in the first quarter. NBC Securities Inc. now owns 1,370 shares of the company's stock worth $44,000 after purchasing an additional 1,369 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Madison Square Garden Entertainment by 1,632.3% in the first quarter. GAMMA Investing LLC now owns 2,685 shares of the company's stock worth $82,000 after purchasing an additional 2,530 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Madison Square Garden Entertainment by 26.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,405 shares of the company's stock worth $86,000 after purchasing an additional 504 shares during the last quarter. Finally, US Bancorp DE increased its holdings in shares of Madison Square Garden Entertainment by 2,273.6% in the first quarter. US Bancorp DE now owns 3,869 shares of the company's stock worth $127,000 after purchasing an additional 3,706 shares during the last quarter. 96.86% of the stock is owned by institutional investors.

Madison Square Garden Entertainment Trading Down 1.0%

Shares of NYSE MSGE traded down $0.41 during trading hours on Friday, reaching $40.49. The stock had a trading volume of 100,613 shares, compared to its average volume of 335,907. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 60.61. The firm has a market cap of $1.92 billion, a price-to-earnings ratio of 53.28 and a beta of 0.44. The business's fifty day moving average price is $39.03 and its two-hundred day moving average price is $36.06. Madison Square Garden Entertainment Corp. has a 52-week low of $28.29 and a 52-week high of $44.14.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last announced its quarterly earnings results on Wednesday, August 13th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.03). The firm had revenue of $154.14 million during the quarter, compared to analysts' expectations of $151.17 million. Madison Square Garden Entertainment had a net margin of 3.97% and a negative return on equity of 458.14%. The firm's revenue for the quarter was down 17.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.41 EPS. Analysts expect that Madison Square Garden Entertainment Corp. will post 1.04 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on MSGE shares. Wall Street Zen cut Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Morgan Stanley lifted their price target on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 12th. Finally, The Goldman Sachs Group lifted their price target on Madison Square Garden Entertainment from $36.00 to $41.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.00.

Madison Square Garden Entertainment Profile

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.