Madison Square Garden Entertainment (NYSE:MSGE) Given New $86.00 Price Target at BTIG Research

Key Points

• BTIG Research raised its price target on Madison Square Garden Entertainment from $70 to $86 and kept a "buy" rating, implying roughly a 29.9% upside from the current share price.
• MSGE missed quarterly EPS estimates ($0.11 actual vs. $0.14 expected) while reporting revenue of $246.26 million, a slight beat and a 1.5% year-over-year increase.
• Analysts are mixed—MarketBeat's consensus is a "Moderate Buy" with a $63.67 target—and director Charles P. Dolan sold 19,311 shares, while institutional investors hold about 96.9% of the stock.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) had its price objective raised by stock analysts at BTIG Research from $70.00 to $86.00 in a report released on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's price target indicates a potential upside of 29.91% from the stock's current price.

Several other research firms have also recently issued reports on MSGE. Weiss Ratings cut Madison Square Garden Entertainment from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday. Wall Street Zen upgraded Madison Square Garden Entertainment from a "hold" rating to a "buy" rating in a report on Saturday, February 28th. JPMorgan Chase & Co. lifted their price objective on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 4th. Finally, Guggenheim boosted their target price on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Madison Square Garden Entertainment currently has an average rating of "Moderate Buy" and a consensus target price of $63.67.

Madison Square Garden Entertainment Trading Down 1.1%

Shares of NYSE MSGE traded down $0.75 during mid-day trading on Thursday, hitting $66.20. The stock had a trading volume of 487,309 shares, compared to its average volume of 339,721. The business has a 50 day moving average price of $60.27 and a two-hundred day moving average price of $55.82. Madison Square Garden Entertainment has a 1 year low of $35.31 and a 1 year high of $69.87. The company has a debt-to-equity ratio of 15.40, a quick ratio of 0.68 and a current ratio of 0.68. The firm has a market cap of $2.68 billion, a P/E ratio of 61.25 and a beta of 0.61.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.03). Madison Square Garden Entertainment had a negative return on equity of 748.04% and a net margin of 5.12%.The firm had revenue of $246.26 million during the quarter, compared to the consensus estimate of $242.99 million. During the same period last year, the business earned $0.17 EPS. Madison Square Garden Entertainment's revenue was up 1.5% on a year-over-year basis. On average, equities analysts anticipate that Madison Square Garden Entertainment will post 1.16 EPS for the current fiscal year.

Insider Activity

In related news, Director Charles P. Dolan sold 19,311 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $63.76, for a total value of $1,231,269.36. Following the completion of the transaction, the director directly owned 660 shares of the company's stock, valued at $42,081.60. This represents a 96.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 16.41% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MSGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Madison Square Garden Entertainment by 5.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company's stock worth $775,000 after acquiring an additional 1,193 shares in the last quarter. Millennium Management LLC purchased a new stake in Madison Square Garden Entertainment in the first quarter worth $4,994,000. Dynamic Technology Lab Private Ltd bought a new position in Madison Square Garden Entertainment in the first quarter worth $210,000. Jane Street Group LLC bought a new position in Madison Square Garden Entertainment in the first quarter worth $1,468,000. Finally, JPMorgan Chase & Co. raised its holdings in Madison Square Garden Entertainment by 53.5% in the second quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company's stock worth $4,089,000 after purchasing an additional 35,678 shares in the last quarter. Hedge funds and other institutional investors own 96.86% of the company's stock.

Madison Square Garden Entertainment Company Profile

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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