Madison Square Garden Entertainment (NYSE:MSGE) Price Target Raised to $52.00

Key Points

• The Goldman Sachs Group has raised its price target for Madison Square Garden Entertainment from $42.00 to $52.00, reflecting a potential upside of 9.68% from the last closing price.
• Madison Square Garden Entertainment reported a loss of ($0.50) EPS for its latest quarter, missing analyst estimates, and a revenue decline of 17.2% year-over-year.
• The company holds a market capitalization of $2.25 billion and has seen institutional investors increasing their stakes, owning 96.86% of the stock.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) had its price objective upped by analysts at The Goldman Sachs Group from $42.00 to $52.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. The Goldman Sachs Group's target price indicates a potential upside of 9.68% from the company's previous close.

A number of other equities analysts also recently weighed in on the stock. Morgan Stanley upped their price target on shares of Madison Square Garden Entertainment from $41.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 12th. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $45.20.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE traded up $2.17 during midday trading on Wednesday, reaching $47.41. 394,952 shares of the stock were exchanged, compared to its average volume of 342,131. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of 62.40 and a beta of 0.44. Madison Square Garden Entertainment has a twelve month low of $28.29 and a twelve month high of $47.86. The business's 50-day moving average price is $40.78 and its 200 day moving average price is $37.48. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.47 and a quick 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) earnings per share for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.03). 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 during the quarter, compared to analyst estimates of $151.17 million. During the same quarter in the prior year, the company earned $1.41 EPS. The business's revenue was down 17.2% on a year-over-year basis. On average, sell-side analysts expect that Madison Square Garden Entertainment will post 1.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rhumbline Advisers boosted its position 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 valued at $2,525,000 after acquiring an additional 272 shares during the last quarter. Garden State Investment Advisory Services LLC raised 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 buying an additional 306 shares during the period. Pinnacle Associates Ltd. increased its position in shares of Madison Square Garden Entertainment by 3.2% during the first quarter. Pinnacle Associates Ltd. now owns 12,836 shares of the company's stock worth $420,000 after purchasing an additional 398 shares in the last quarter. Orion Porfolio Solutions LLC lifted its stake in shares of Madison Square Garden Entertainment by 1.9% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company's stock valued at $906,000 after purchasing an additional 418 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Madison Square Garden Entertainment by 25.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,217 shares of the company's stock valued at $89,000 after purchasing an additional 448 shares during 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. 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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