Madison Square Garden Entertainment (NYSE:MSGE) Lowered to "Sell" Rating by Wall Street Zen

Key Points

• Madison Square Garden Entertainment was downgraded from a "hold" rating to a "sell" rating by Wall Street Zen, amidst a mixed reception from various analysts.
• Goldman Sachs and Morgan Stanley have recently raised their price targets for the stock to $41.00 and $44.00, respectively, while maintaining a "buy" and "equal weight" rating.
• The company reported a net loss of ($0.50) earnings per share, missing estimates, and a revenue drop of 17.2% year-over-year despite beating revenue expectations for the quarter.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

Several other brokerages also recently weighed in on MSGE. Morgan Stanley upped their target price 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. Susquehanna initiated coverage on shares of Madison Square Garden Entertainment in a research report on Monday, April 28th. They set a "positive" rating and a $39.00 price target on the stock. Finally, The Goldman Sachs Group lifted their price objective on shares of Madison Square Garden Entertainment from $36.00 to $41.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $43.00.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE:MSGE traded up $0.81 on Friday, hitting $37.52. 99,446 shares of the company were exchanged, compared to its average volume of 335,146. Madison Square Garden Entertainment has a 1-year low of $28.29 and a 1-year high of $44.14. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 60.61. The stock's 50 day moving average price is $38.73 and its 200 day moving average price is $35.91. The firm has a market capitalization of $1.78 billion, a P/E ratio of 49.30 and a beta of 0.44.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last announced its 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). The company had revenue of $154.14 million during the quarter, compared to analyst estimates of $151.17 million. Madison Square Garden Entertainment had a net margin of 3.97% and a negative return on equity of 458.14%. The firm's revenue for the quarter was down 17.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.41 EPS. Sell-side analysts predict that Madison Square Garden Entertainment will post 1.04 EPS for the current year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several institutional investors have recently bought and sold shares of MSGE. Ariel Investments LLC grew its holdings in shares of Madison Square Garden Entertainment by 1.6% during the 2nd quarter. Ariel Investments LLC now owns 7,896,008 shares of the company's stock worth $315,603,000 after purchasing an additional 120,635 shares in the last quarter. Jericho Capital Asset Management L.P. grew its holdings in shares of Madison Square Garden Entertainment by 5.6% during the 1st quarter. Jericho Capital Asset Management L.P. now owns 2,885,724 shares of the company's stock worth $94,479,000 after purchasing an additional 152,000 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Madison Square Garden Entertainment by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,018,657 shares of the company's stock worth $36,265,000 after purchasing an additional 4,573 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Madison Square Garden Entertainment by 14.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 982,405 shares of the company's stock worth $32,164,000 after buying an additional 127,700 shares during the last quarter. Finally, Dendur Capital LP lifted its position in shares of Madison Square Garden Entertainment by 60.1% during the 2nd quarter. Dendur Capital LP now owns 925,500 shares of the company's stock worth $36,992,000 after buying an additional 347,500 shares during the last quarter. Institutional investors own 96.86% of the company's stock.

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.