Jericho Capital Asset Management L.P. Grows Stake in 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. boosted its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 5.6% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,885,724 shares of the company's stock after acquiring an additional 152,000 shares during the quarter. Madison Square Garden Entertainment accounts for about 1.7% of Jericho Capital Asset Management L.P.'s investment 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 SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Ariel Investments LLC lifted its holdings in shares of Madison Square Garden Entertainment by 2.2% during the 1st quarter. Ariel Investments LLC now owns 7,775,373 shares of the company's stock worth $254,566,000 after acquiring an additional 170,830 shares during the last quarter. Maverick Capital Ltd. increased its position in shares of Madison Square Garden Entertainment by 119.7% during the 1st quarter. Maverick Capital Ltd. now owns 18,003 shares of the company's stock valued at $589,000 after purchasing an additional 9,808 shares during the last quarter. Northern Right Capital Management L.P. increased its position in shares of Madison Square Garden Entertainment by 16.4% during the 1st quarter. Northern Right Capital Management L.P. now owns 478,256 shares of the company's stock valued at $15,658,000 after purchasing an additional 67,228 shares during the last quarter. Trexquant Investment LP increased its position in shares of Madison Square Garden Entertainment by 721.5% during the 1st quarter. Trexquant Investment LP now owns 127,895 shares of the company's stock valued at $4,187,000 after purchasing an additional 112,326 shares during the last quarter. Finally, Long Pond Capital LP bought a new position in shares of Madison Square Garden Entertainment during the 1st quarter valued at about $13,630,000. 96.86% of the stock is currently owned by institutional investors.

Madison Square Garden Entertainment Trading Up 1.5%

Shares of MSGE stock traded up $0.63 during mid-day trading on Wednesday, reaching $42.07. The stock had a trading volume of 105,325 shares, compared to its average volume of 337,328. The stock's 50-day moving average price is $39.16 and its two-hundred day moving average price is $36.23. Madison Square Garden Entertainment Corp. has a 52-week low of $28.29 and a 52-week high of $44.14. The firm has a market capitalization of $2.00 billion, a PE ratio of 55.36 and a beta of 0.44. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 60.61.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last released 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 net margin of 3.97% and a negative return on equity of 458.14%. The firm had revenue of $154.14 million during the quarter, compared to analysts' expectations of $151.17 million. During the same quarter in the previous year, the firm posted $1.41 EPS. Madison Square Garden Entertainment's revenue was down 17.2% compared to the same quarter last year. Equities analysts expect that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MSGE has been the topic of several recent research reports. Morgan Stanley increased their price objective on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 12th. Wall Street Zen lowered Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Madison Square Garden Entertainment presently has an average rating of "Moderate Buy" and an average price target of $43.00.

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.