Guggenheim Issues Positive Forecast for Madison Square Garden Entertainment (NYSE:MSGE) Stock Price

Key Points

• Guggenheim raised its price target on Madison Square Garden Entertainment from $74 to $76 and kept a buy rating, implying roughly a 25.13% upside from the current price.
• The company reported quarterly EPS of $1.94, missing estimates of $2.35, while revenue was $459.94M—beating expectations and up 12.9% year-over-year.
• MSGE trades around $60.74 with a market cap of $2.45B and a PE of 56.24; a director recently sold ~19,311 shares and institutional investors own about 96.86% of the stock.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) had its price target lifted by equities research analysts at Guggenheim from $74.00 to $76.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Guggenheim's price target points to a potential upside of 25.13% from the stock's current price.

A number of other equities analysts have also weighed in on MSGE. Weiss Ratings restated a "hold (c)" rating on shares of Madison Square Garden Entertainment in a research report on Friday, March 27th. JPMorgan Chase & Co. boosted their price objective on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 4th. BTIG Research initiated coverage on Madison Square Garden Entertainment in a research note on Tuesday, April 7th. They issued a "buy" rating and a $70.00 target price for the company. The Goldman Sachs Group reissued a "conviction-buy" rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. Finally, Wall Street Zen raised shares of Madison Square Garden Entertainment from a "hold" rating to a "buy" rating in a research note on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Madison Square Garden Entertainment presently has a consensus rating of "Moderate Buy" and an average target price of $61.00.

Madison Square Garden Entertainment Stock Down 2.2%

MSGE stock opened at $60.74 on Thursday. The firm's fifty day moving average is $59.71 and its 200 day moving average is $53.98. The firm has a market cap of $2.45 billion, a PE ratio of 56.24 and a beta of 0.48. Madison Square Garden Entertainment has a one year low of $29.80 and a one year high of $65.26. The company has a debt-to-equity ratio of 15.40, a quick ratio of 0.68 and a current ratio of 0.68.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last released its quarterly earnings results on Tuesday, February 3rd. The company reported $1.94 earnings per share for the quarter, missing analysts' consensus estimates of $2.35 by ($0.41). The business had revenue of $459.94 million during the quarter, compared to analyst estimates of $448.21 million. Madison Square Garden Entertainment had a negative return on equity of 748.04% and a net margin of 5.12%.The business's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.56 EPS. On average, research analysts forecast that Madison Square Garden Entertainment will post 1.04 EPS for the current year.

Insider Buying and Selling

In related news, Director Charles P. Dolan sold 19,311 shares of the business's stock in a transaction on Friday, February 20th. The stock was sold at an average price of $63.76, for a total value of $1,231,269.36. Following the sale, the director owned 660 shares in the company, valued at approximately $42,081.60. The trade was a 96.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 16.41% of the stock is owned by company insiders.

Institutional Trading of Madison Square Garden Entertainment

Institutional investors and hedge funds have recently bought and sold shares of the business. First Horizon Corp acquired a new stake in Madison Square Garden Entertainment during the 4th quarter worth approximately $37,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Madison Square Garden Entertainment in the 4th quarter valued at about $45,000. Atlantic Edge Private Wealth Management LLC purchased a new position in Madison Square Garden Entertainment during the 4th quarter worth approximately $47,000. State of Alaska Department of Revenue purchased a new stake in Madison Square Garden Entertainment in the third quarter valued at approximately $59,000. Finally, State of Wyoming acquired a new stake in shares of Madison Square Garden Entertainment in the second quarter valued at approximately $62,000. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. NYSE: MSGE is a premier live entertainment company focused on producing and hosting a wide range of events across North America. Established as a separate publicly traded entity in April 2020 through a spin-off from Madison Square Garden Company, MSGE owns and operates iconic venues such as Madison Square Garden in New York City, Radio City Music Hall, The Chicago Theatre and Sphere in Las Vegas. These facilities serve as flagship stages for concerts, sports events, family shows and cultural performances.

The company's core business activities center on venue management, event promotion and production services.

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