Kerrisdale Advisers LLC Decreases Stock Position in Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Kerrisdale Advisers reduced its MSGE stake by 80.5% in the second quarter, selling 25,005 shares and retaining 6,064 shares valued at approximately $491,000.
• Madison Square Garden Entertainment reported quarterly revenue of $196.3 million, up 27.4% year over year, and an adjusted EPS loss of $0.21 that beat analyst estimates. The stock opened at $78.31, with a 12-month range of $39.85 to $90.41.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $91.62, although ratings range from “Strong Buy” to “Hold”; Susquehanna recently raised its target to $103.

Kerrisdale Advisers LLC cut its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 80.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,064 shares of the company's stock after selling 25,005 shares during the quarter. Kerrisdale Advisers LLC's holdings in Madison Square Garden Entertainment were worth $491,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Madison Square Garden Entertainment by 5.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company's stock worth $775,000 after buying an additional 1,193 shares during the period. Millennium Management LLC purchased a new position in shares of Madison Square Garden Entertainment in the first quarter valued at about $4,994,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Madison Square Garden Entertainment during the first quarter valued at about $210,000. Jane Street Group LLC purchased a new stake in shares of Madison Square Garden Entertainment during the first quarter worth about $1,468,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Madison Square Garden Entertainment by 53.5% in the second quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company's stock worth $4,089,000 after purchasing an additional 35,678 shares during the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Trading Up 0.0%

Madison Square Garden Entertainment stock opened at $78.31 on Monday. Madison Square Garden Entertainment Corp. has a 12 month low of $39.85 and a 12 month high of $90.41. The company has a market capitalization of $3.17 billion, a price-to-earnings ratio of 56.75 and a beta of 0.56. The business's fifty day simple moving average is $78.17 and its two-hundred day simple moving average is $68.99. 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 announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.44) by $0.23. The company had revenue of $196.32 million for the quarter, compared to analysts' expectations of $166.62 million. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. Madison Square Garden Entertainment's revenue was up 27.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.57) EPS. As a group, equities analysts predict that Madison Square Garden Entertainment Corp. will post 2.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Zacks Research upgraded Madison Square Garden Entertainment from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. Weiss Ratings reissued a "hold (c)" rating on shares of Madison Square Garden Entertainment in a research report on Friday, July 31st. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a research report on Thursday, July 9th. Piper Sandler initiated coverage on shares of 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. Finally, Susquehanna increased their price target on shares of Madison Square Garden Entertainment from $80.00 to $103.00 and gave the stock a "positive" rating in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $91.62.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $74.48, for a total transaction of $737,873.36. Following the sale, the executive vice president directly owned 15,772 shares in the company, valued at approximately $1,174,698.56. This trade represents a 38.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 16.41% of the company's stock.

Madison Square Garden Entertainment Company Profile

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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