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" to a "sell" rating by Wall Street Zen, signaling a bearish outlook on the stock.
• Despite the downgrade, Goldman Sachs raised its price target from $42 to $52, maintaining a "buy" rating, while the average consensus price target across analysts is $45.20.
• The company reported a loss of $0.50 EPS for the last quarter, missing estimates, and has experienced a 17.2% decline in revenue compared to the previous year.

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

Several other analysts have also commented on the stock. The Goldman Sachs Group increased their price target on shares of Madison Square Garden Entertainment from $42.00 to $52.00 and gave the company a "buy" rating in a research report on Wednesday, October 1st. Weiss Ratings restated a "hold (c-)" rating on shares of Madison Square Garden Entertainment in a report on Wednesday, October 8th. Finally, Morgan Stanley upped their price objective 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 investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $45.20.

Madison Square Garden Entertainment Stock Performance

MSGE stock opened at $44.04 on Friday. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 57.95 and a beta of 0.49. The firm has a 50-day simple moving average of $42.25 and a two-hundred day simple moving average of $38.45. Madison Square Garden Entertainment has a one year low of $28.29 and a one year high of $48.09. The company has a debt-to-equity ratio of 60.61, a quick ratio of 0.47 and a current ratio of 0.47.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last released its quarterly earnings results 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%. The business's quarterly revenue 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, equities analysts forecast that Madison Square Garden Entertainment will post 1.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers grew its stake in shares of Madison Square Garden Entertainment by 0.4% during the 2nd quarter. Rhumbline Advisers now owns 63,178 shares of the company's stock worth $2,525,000 after purchasing an additional 272 shares during the period. Garden State Investment Advisory Services LLC grew its stake in shares of Madison Square Garden Entertainment by 2.0% during the 2nd quarter. Garden State Investment Advisory Services LLC now owns 15,902 shares of the company's stock worth $636,000 after purchasing an additional 306 shares during the period. Pinnacle Associates Ltd. grew its stake in shares of Madison Square Garden Entertainment by 3.2% during the 1st quarter. Pinnacle Associates Ltd. now owns 12,836 shares of the company's stock worth $420,000 after purchasing an additional 398 shares during the period. Orion Porfolio Solutions LLC grew its stake in shares of Madison Square Garden Entertainment by 1.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company's stock worth $906,000 after purchasing an additional 418 shares during the period. Finally, Nisa Investment Advisors LLC grew its stake in shares of Madison Square Garden Entertainment by 25.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,217 shares of the company's stock worth $89,000 after purchasing an additional 448 shares during the period. Institutional investors and hedge funds 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.

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