Madison Square Garden Entertainment Corp. $MSGE Shares Sold by AlphaQuest LLC

Key Points

• AlphaQuest LLC has reduced its stake in Madison Square Garden Entertainment Corp. by 88.3%, selling 11,679 shares and now holding just 1,542 shares valued at $50,000.
• Analyst ratings for MSGE include a downgrade from "hold" to "sell" by Wall Street Zen, while Morgan Stanley has increased its price target from $41.00 to $44.00, maintaining an "equal weight" rating.
• During the most recent quarter, Madison Square Garden Entertainment reported a revenue of $154.14 million, a decrease of 17.2% compared to the same quarter last year, and earnings per share of ($0.50), missing estimates by ($0.03).

AlphaQuest LLC decreased its position in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 88.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,542 shares of the company's stock after selling 11,679 shares during the period. AlphaQuest LLC's holdings in Madison Square Garden Entertainment were worth $50,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. KBC Group NV purchased a new stake in Madison Square Garden Entertainment during the 1st quarter worth $31,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Madison Square Garden Entertainment in the 1st quarter worth about $40,000. NBC Securities Inc. increased its position in shares of Madison Square Garden Entertainment by 136,900.0% in the 1st 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. Tower Research Capital LLC TRC increased its position in shares of Madison Square Garden Entertainment by 26.5% in the 4th 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, GAMMA Investing LLC increased its position in shares of Madison Square Garden Entertainment by 1,632.3% in the 1st 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. Hedge funds and other institutional investors own 96.86% of the company's stock.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE MSGE traded up $1.24 during midday trading on Wednesday, hitting $42.68. The company's stock had a trading volume of 367,382 shares, compared to its average volume of 386,594. Madison Square Garden Entertainment Corp. has a 1-year low of $28.29 and a 1-year high of $44.14. The firm's fifty day moving average price is $39.22 and its 200-day moving average price is $36.28. The company has a debt-to-equity ratio of 60.61, a quick ratio of 0.47 and a current ratio of 0.47. The firm has a market cap of $2.03 billion, a P/E ratio of 56.16 and a beta of 0.44.

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

Wall Street Analysts Forecast Growth

MSGE has been the subject of several research analyst reports. Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Morgan Stanley boosted their target price on shares of 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. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $43.00.

About Madison Square Garden Entertainment

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.