Madison Square Garden Entertainment (NYSE:MSGE) Releases Earnings Results, Misses Expectations By $0.03 EPS

Key Points

• Madison Square Garden Entertainment reported a quarterly earnings per share (EPS) of ($0.50), missing expectations by ($0.03), despite revenue of $154.14 million exceeding estimates.
• The company's revenue declined 17.2% year-over-year, as it posted a negative return on equity of 502.05%.
• Analysts maintain a "Moderate Buy" consensus rating for MSGE, with target prices ranging from $39.00 to $44.00.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) released 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), Zacks reports. Madison Square Garden Entertainment had a negative return on equity of 458.14% and a net margin of 3.97%.The firm had revenue of $154.14 million for the quarter, compared to the consensus estimate of $151.17 million. During the same quarter last year, the company posted $1.41 EPS. Madison Square Garden Entertainment's revenue for the quarter was down 17.2% on a year-over-year basis.

Madison Square Garden Entertainment Trading Up 0.1%

Shares of NYSE MSGE traded up $0.03 during trading on Wednesday, reaching $37.61. The company had a trading volume of 316,406 shares, compared to its average volume of 325,617. The company's fifty day moving average price is $38.74 and its 200-day moving average price is $35.93. 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 stock has a market cap of $1.78 billion, a P/E 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.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of the company. State of Wyoming acquired a new position in shares of Madison Square Garden Entertainment in the 2nd quarter valued at about $62,000. Raymond James Financial Inc. bought a new stake in shares of Madison Square Garden Entertainment during the second quarter worth about $96,000. Captrust Financial Advisors bought a new stake in Madison Square Garden Entertainment during the 2nd quarter worth approximately $235,000. Dynamic Technology Lab Private Ltd bought a new stake in Madison Square Garden Entertainment during the first quarter worth $210,000. Finally, Sei Investments Co. purchased a new stake in shares of Madison Square Garden Entertainment in the second quarter valued at about $291,000. Institutional investors and hedge funds own 96.86% of the company's stock.

Analyst Upgrades and Downgrades

MSGE has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a report on Saturday. Susquehanna initiated coverage on Madison Square Garden Entertainment in a report on Monday, April 28th. They set a "positive" rating and a $39.00 target price 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 lifted their target price on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the stock 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 given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $43.00.

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.