Long Pond Capital LP Makes New Investment in Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Long Pond Capital LP invested approximately $13.63 million in Madison Square Garden Entertainment by acquiring 416,312 shares, making it 27th in their portfolio.
• Recent analyst ratings indicate a consensus of "Moderate Buy" for MSGE shares, with price targets ranging from $39.00 to $44.00.
• Madison Square Garden Entertainment reported a loss of $0.50 EPS for the last quarter, missing estimates, while revenue decreased 17.2% year-over-year.

Long Pond Capital LP bought a new stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 416,312 shares of the company's stock, valued at approximately $13,630,000. Madison Square Garden Entertainment comprises 0.9% of Long Pond Capital LP's holdings, making the stock its 27th largest holding. Long Pond Capital LP owned 1.03% of Madison Square Garden Entertainment as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. KBC Group NV acquired a new stake in Madison Square Garden Entertainment in the first quarter valued at approximately $31,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Madison Square Garden Entertainment during the first quarter worth approximately $40,000. NBC Securities Inc. grew its position in 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 valued at $44,000 after buying an additional 1,369 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Madison Square Garden Entertainment by 1,632.3% during 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 in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Madison Square Garden Entertainment by 26.5% during 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 in the last quarter. Hedge funds and other institutional investors own 96.86% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on MSGE shares. Susquehanna began coverage on shares of Madison Square Garden Entertainment in a report on Monday, April 28th. They issued a "positive" rating and a $39.00 target price on the stock. The Goldman Sachs Group lifted their price objective on shares of Madison Square Garden Entertainment from $36.00 to $41.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Morgan Stanley boosted their price target on shares of Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an "equal weight" rating in a report on Tuesday, August 12th. Finally, Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Madison Square Garden Entertainment has a consensus rating of "Moderate Buy" and a consensus target price of $43.00.

Madison Square Garden Entertainment Price Performance

Shares of MSGE opened at $39.2770 on Monday. Madison Square Garden Entertainment Corp. has a 1 year low of $28.29 and a 1 year high of $44.14. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.47 and a quick ratio of 0.47. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 51.68 and a beta of 0.44. The business has a 50-day moving average of $38.81 and a 200-day moving average of $35.97.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its quarterly earnings data 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). Madison Square Garden Entertainment had a negative return on equity of 458.14% and a net margin of 3.97%.The company had revenue of $154.14 million for the quarter, compared to the consensus estimate of $151.17 million. During the same quarter last year, the business earned $1.41 earnings per share. Madison Square Garden Entertainment's revenue was down 17.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current year.

Madison Square Garden Entertainment Company 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.

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