Madison Square Garden Entertainment (NYSE:MSGE) Downgraded 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 equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

Several other research firms have also recently weighed in on MSGE. Susquehanna initiated coverage on shares of Madison Square Garden Entertainment in a report on Monday, April 28th. They issued a "positive" rating and a $39.00 price target on the stock. The Goldman Sachs Group increased their price target on shares of Madison Square Garden Entertainment from $36.00 to $41.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Finally, 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 report on Tuesday, August 12th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Madison Square Garden Entertainment presently has an average rating of "Moderate Buy" and an average target price of $43.00.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE stock traded up $0.03 on Friday, reaching $37.61. The stock had a trading volume of 316,406 shares, compared to its average volume of 325,617. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 60.61. The firm's 50-day moving average is $38.74 and its two-hundred day moving average is $35.93. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 49.49 and a beta of 0.44. Madison Square Garden Entertainment has a 12 month low of $28.29 and a 12 month high of $44.14.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its earnings results 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). The firm had revenue of $154.14 million during the quarter, compared to the consensus estimate 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 period in the previous year, the company posted $1.41 earnings per share. On average, research analysts expect that Madison Square Garden Entertainment will post 1.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MSGE. JPMorgan Chase & Co. increased its holdings in shares of Madison Square Garden Entertainment by 77.5% during the fourth quarter. JPMorgan Chase & Co. now owns 139,742 shares of the company's stock worth $4,975,000 after purchasing an additional 61,028 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Madison Square Garden Entertainment by 5.6% during the fourth quarter. Wells Fargo & Company MN now owns 76,231 shares of the company's stock worth $2,714,000 after purchasing an additional 4,050 shares during the period. Sterling Capital Management LLC increased its holdings in shares of Madison Square Garden Entertainment by 785.2% during the fourth quarter. Sterling Capital Management LLC now owns 1,133 shares of the company's stock worth $40,000 after purchasing an additional 1,005 shares during the period. Barclays PLC increased its holdings in shares of Madison Square Garden Entertainment by 3.2% during the fourth quarter. Barclays PLC now owns 68,174 shares of the company's stock worth $2,427,000 after purchasing an additional 2,129 shares during the period. Finally, Mariner LLC increased its holdings in shares of Madison Square Garden Entertainment by 37.8% during the fourth quarter. Mariner LLC now owns 11,907 shares of the company's stock worth $424,000 after purchasing an additional 3,266 shares during the period. 96.86% of the stock is owned by institutional investors.

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.