Jericho Capital Asset Management L.P. Buys 152,000 Shares of Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Jericho Capital Asset Management L.P. increased its stake in Madison Square Garden Entertainment Corp. by 5.6%, now holding 2,885,724 shares worth approximately $94.5 million.
• Madison Square Garden reported a Q2 earnings miss with a loss of ($0.50) EPS, while revenue fell by 17.2% year-over-year.
• Wall Street analysts have mixed reviews, with some maintaining a "Moderate Buy" rating and an average price target of $43.00 per share.

Jericho Capital Asset Management L.P. lifted its stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 5.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,885,724 shares of the company's stock after purchasing an additional 152,000 shares during the period. Madison Square Garden Entertainment accounts for 1.7% of Jericho Capital Asset Management L.P.'s portfolio, making the stock its 18th largest position. Jericho Capital Asset Management L.P. owned 7.11% of Madison Square Garden Entertainment worth $94,479,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Ariel Investments LLC raised its stake in shares of Madison Square Garden Entertainment by 2.2% during the first quarter. Ariel Investments LLC now owns 7,775,373 shares of the company's stock worth $254,566,000 after buying an additional 170,830 shares during the last quarter. Maverick Capital Ltd. raised its stake in shares of Madison Square Garden Entertainment by 119.7% during the first quarter. Maverick Capital Ltd. now owns 18,003 shares of the company's stock worth $589,000 after buying an additional 9,808 shares during the last quarter. Northern Right Capital Management L.P. raised its stake in shares of Madison Square Garden Entertainment by 16.4% during the first quarter. Northern Right Capital Management L.P. now owns 478,256 shares of the company's stock worth $15,658,000 after buying an additional 67,228 shares during the last quarter. Trexquant Investment LP raised its stake in shares of Madison Square Garden Entertainment by 721.5% during the first quarter. Trexquant Investment LP now owns 127,895 shares of the company's stock worth $4,187,000 after buying an additional 112,326 shares during the last quarter. Finally, Long Pond Capital LP bought a new stake in shares of Madison Square Garden Entertainment during the first quarter worth approximately $13,630,000. Institutional investors and hedge funds own 96.86% of the company's stock.

Analyst Ratings Changes

MSGE has been the subject of a number of recent research reports. Morgan Stanley boosted their price target on shares of Madison Square Garden Entertainment from $41.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 12th. Wall Street Zen cut shares of Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Madison Square Garden Entertainment currently has an average rating of "Moderate Buy" and an average target price of $43.00.

Madison Square Garden Entertainment Stock Performance

NYSE MSGE traded down $0.65 on Tuesday, hitting $41.43. 342,160 shares of the stock were exchanged, compared to its average volume of 338,766. 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 business's fifty day moving average is $39.12 and its 200 day moving average is $36.20. Madison Square Garden Entertainment Corp. has a 52 week low of $28.29 and a 52 week high of $44.14. The company has a market capitalization of $1.97 billion, a PE ratio of 54.51 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) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $154.14 million for the quarter, compared to the consensus estimate of $151.17 million. During the same period last year, the company posted $1.41 earnings per share. The business's revenue was down 17.2% compared to the same quarter last year. Research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.04 EPS for the current fiscal year.

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.