Madison Square Garden Entertainment (NYSE:MSGE) Hits New 1-Year High - Here's What Happened

Key Points

• Madison Square Garden Entertainment (MSGE) hit a new 52-week high, trading as high as $65.42 and last at $64.73 on Monday.
• The company posted a notable EPS miss of $1.94 versus a $2.35 consensus, even though revenue beat estimates at $459.94M and grew 12.9% year-over-year.
• Analyst and investor sentiment is mixed: MarketBeat shows a consensus Moderate Buy with an average target of $61.00, while insider Charles P. Dolan sold most of his holdings and institutional ownership remains very high (~96.86%).

Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report)'s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $65.42 and last traded at $64.73, with a volume of 59454 shares trading hands. The stock had previously closed at $63.46.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Madison Square Garden Entertainment in a report on Friday, March 27th. JPMorgan Chase & Co. increased their price objective on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a "neutral" rating in a report on Wednesday, February 4th. Guggenheim increased their price objective on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. The Goldman Sachs Group reissued a "conviction-buy" rating on shares of Madison Square Garden Entertainment in a report on Monday, January 5th. Finally, Wall Street Zen raised Madison Square Garden Entertainment from a "hold" rating to a "buy" rating in a report on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $61.00.

Madison Square Garden Entertainment Price Performance

The firm has a market capitalization of $2.61 billion, a P/E ratio of 59.90 and a beta of 0.48. The business has a fifty day moving average of $59.95 and a 200-day moving average of $54.88. 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 issued its quarterly earnings results on Tuesday, February 3rd. The company reported $1.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.35 by ($0.41). The firm had revenue of $459.94 million for the quarter, compared to the consensus estimate of $448.21 million. Madison Square Garden Entertainment had a net margin of 5.12% and a negative return on equity of 748.04%. 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 business posted $1.56 earnings per share. On average, sell-side analysts forecast that Madison Square Garden Entertainment Corp. will post 1.16 EPS for the current fiscal year.

Insider Transactions at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the completion of the transaction, the director directly owned 660 shares of the company's stock, valued at approximately $42,081.60. This trade represents a 96.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 16.41% of the company's stock.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Citigroup Inc. boosted its stake in Madison Square Garden Entertainment by 220.9% during the 3rd quarter. Citigroup Inc. now owns 59,436 shares of the company's stock valued at $2,689,000 after purchasing an additional 40,917 shares in the last quarter. Harbour Capital Advisors LLC bought a new position in Madison Square Garden Entertainment during the 4th quarter valued at $1,075,000. Northern Right Capital Management L.P. lifted its position in shares of Madison Square Garden Entertainment by 20.0% during the 3rd quarter. Northern Right Capital Management L.P. now owns 475,942 shares of the company's stock valued at $21,532,000 after acquiring an additional 79,399 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Madison Square Garden Entertainment by 3.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,070,137 shares of the company's stock valued at $57,670,000 after acquiring an additional 36,363 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of Madison Square Garden Entertainment by 253.7% during the 4th quarter. SG Americas Securities LLC now owns 13,959 shares of the company's stock valued at $752,000 after acquiring an additional 10,012 shares during the last quarter. 96.86% of the stock is owned by 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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