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

Key Points

• Madison Square Garden Entertainment shares reached a new 52-week high of $47.47, closing at $47.22, signaling strong market interest with a trading volume of 85,721 shares.
• Analysts have mixed predictions for the stock; while Morgan Stanley raised its target price from $41 to $44, Wall Street Zen downgraded it from "hold" to "sell," resulting in a consensus rating of "Moderate Buy."
• The company reported quarterly earnings with a loss of $0.50 per share, missing expectations, alongside a revenue decrease of 17.2% year-over-year, highlighting challenges in its financial performance.

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $47.47 and last traded at $47.22, with a volume of 85721 shares traded. The stock had previously closed at $45.24.

Analysts Set New Price Targets

MSGE has been the topic of several research analyst reports. Wall Street Zen downgraded Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Morgan Stanley boosted their target price on 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. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $43.00.

Madison Square Garden Entertainment Trading Up 3.5%

The company has a debt-to-equity ratio of 60.61, a quick ratio of 0.47 and a current ratio of 0.47. The company has a 50 day simple moving average of $40.78 and a two-hundred day simple moving average of $37.48. The firm has a market cap of $2.22 billion, a PE ratio of 61.59 and a beta of 0.44.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its quarterly earnings results on Wednesday, August 13th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.03). Madison Square Garden Entertainment had a net margin of 3.97% and a negative return on equity of 458.14%. The firm had revenue of $154.14 million for the quarter, compared to analysts' expectations of $151.17 million. During the same quarter in the previous year, the firm posted $1.41 EPS. The firm's revenue for the quarter was down 17.2% compared to the same quarter last year. Analysts expect that Madison Square Garden Entertainment Corp. will post 1.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Large investors have recently bought and sold shares of the business. Rhumbline Advisers raised its holdings in shares of Madison Square Garden Entertainment by 0.4% during the second 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 holdings in shares of Madison Square Garden Entertainment by 2.0% during the second quarter. Garden State Investment Advisory Services LLC now owns 15,902 shares of the company's stock valued at $636,000 after acquiring an additional 306 shares during the last quarter. Pinnacle Associates Ltd. raised its holdings 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 valued at $420,000 after acquiring an additional 398 shares during the last quarter. Orion Porfolio Solutions LLC raised its holdings in shares of Madison Square Garden Entertainment by 1.9% during the second quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company's stock valued at $906,000 after acquiring an additional 418 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Madison Square Garden Entertainment by 25.3% in the second 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 in the last quarter. 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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