Madison Square Garden Entertainment Corp. $MSGE Stock Position Lowered by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its Madison Square Garden Entertainment position by 59.1% in the second quarter, selling 28,123 shares and retaining 19,446 shares valued at approximately $1.57 million. Institutional investors collectively own 96.86% of MSGE.
• Analyst sentiment is generally positive, with MSGE carrying a “Moderate Buy” consensus rating and an average price target of $91.62. Susquehanna, Bank of America, and Goldman Sachs recently raised their price targets.
• MSGE reported a quarterly loss of $0.21 per share, but exceeded expectations of a $0.44 loss, while revenue rose 27.4% year over year to $196.32 million. Shares opened at $78.70, compared with a 52-week range of $41.65 to $90.41.

Engineers Gate Manager LP decreased its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 59.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 19,446 shares of the company's stock after selling 28,123 shares during the period. Engineers Gate Manager LP's holdings in Madison Square Garden Entertainment were worth $1,573,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nykredit A S acquired a new stake in Madison Square Garden Entertainment during the 2nd quarter valued at $46,000. Fifth Third Bancorp acquired a new stake in shares of Madison Square Garden Entertainment in the first quarter worth $113,000. State of Wyoming purchased a new position in shares of Madison Square Garden Entertainment during the first quarter valued at $131,000. IFP Advisors Inc grew its holdings in shares of Madison Square Garden Entertainment by 11,791.7% during the fourth quarter. IFP Advisors Inc now owns 2,854 shares of the company's stock valued at $154,000 after buying an additional 2,830 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Madison Square Garden Entertainment during the second quarter valued at $202,000. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MSGE has been the subject of several research analyst reports. Wall Street Zen raised Madison Square Garden Entertainment from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. Weiss Ratings reissued a "hold (c)" rating on shares of Madison Square Garden Entertainment in a research report on Friday, July 31st. Susquehanna raised 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 report on Thursday, August 13th. Finally, Bank of America boosted their price objective on shares of Madison Square Garden Entertainment from $80.00 to $96.00 and gave the company a "buy" rating in a research report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Madison Square Garden Entertainment has a consensus rating of "Moderate Buy" and an average price target of $91.62.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE MSGE opened at $78.70 on Thursday. The business's 50-day moving average price is $78.21 and its two-hundred day moving average price is $70.46. The company has a debt-to-equity ratio of 11.80, a current ratio of 0.70 and a quick ratio of 0.70. Madison Square Garden Entertainment Corp. has a one year low of $41.65 and a one year high of $90.41. The company has a market capitalization of $3.18 billion, a P/E ratio of 57.03 and a beta of 0.56.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.44) by $0.23. The firm had revenue of $196.32 million during 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%. The company's revenue was up 27.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.57) earnings per share. Analysts anticipate that Madison Square Garden Entertainment Corp. will post 2.5 earnings per share for the current fiscal year.

Madison Square Garden Entertainment Profile

Madison Square Garden Entertainment Corp. is a live entertainment company that owns, operates and produces events at prominent venues in the United States. Its portfolio includes Madison Square Garden and Radio City Music Hall in New York City, as well as the Beacon Theatre in New York and The Chicago Theatre in Illinois.

The company presents concerts, comedy shows, family entertainment, sporting events and other live performances. Its productions include the annual Christmas Spectacular Starring the Radio City Rockettes, along with original entertainment and special events.

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