Voleon Capital Management LP Sells 29,607 Shares of Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Voleon Capital Management LP significantly reduced its stake in Madison Square Garden Entertainment by 58.6% in the first quarter, retaining approximately 0.05% of the company's stock valued at $684,000.
• Shares of Madison Square Garden Entertainment experienced a 1.6% decline, trading at $41.43, with its 12-month range between $28.29 and $44.14.
• Analysts have mixed opinions on the stock, with an average rating of "Moderate Buy" and a price target of $43.00, alongside a recent downgrade to "sell" by Wall Street Zen.

Voleon Capital Management LP lowered its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 58.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,887 shares of the company's stock after selling 29,607 shares during the period. Voleon Capital Management LP owned about 0.05% of Madison Square Garden Entertainment worth $684,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MSGE. KBC Group NV bought a new position in Madison Square Garden Entertainment during the first quarter valued at about $31,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Madison Square Garden Entertainment during the first quarter valued at about $40,000. NBC Securities Inc. grew its position in Madison Square Garden Entertainment by 136,900.0% during the first 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 period. GAMMA Investing LLC grew its position in Madison Square Garden Entertainment by 1,632.3% during the first quarter. GAMMA Investing LLC now owns 2,685 shares of the company's stock valued at $82,000 after buying an additional 2,530 shares during the period. Finally, US Bancorp DE grew its position in Madison Square Garden Entertainment by 2,273.6% during the first quarter. US Bancorp DE now owns 3,869 shares of the company's stock valued at $127,000 after buying an additional 3,706 shares during the period. Hedge funds and other institutional investors own 96.86% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Morgan Stanley increased 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 research report on Tuesday, August 12th. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research 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's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.00.

Madison Square Garden Entertainment Price Performance

NYSE:MSGE traded down $0.33 during mid-day trading on Monday, hitting $43.95. 57,506 shares of the stock traded hands, compared to its average volume of 339,649. The business's 50-day moving average price is $39.45 and its 200 day moving average price is $36.43. The company has a market cap of $2.09 billion, a PE ratio of 57.82 and a beta of 0.44. Madison Square Garden Entertainment Corp. has a 12-month low of $28.29 and a 12-month high of $44.51. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 60.61.

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

Madison Square Garden Entertainment 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.