Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 12-Month High - Time to Buy?

Key Points

• Shares of Madison Square Garden Entertainment reached a new 12-month high, trading as high as $46.74 before closing at $46.12.
• Analysts have mixed ratings for the stock, with a consensus rating of "Moderate Buy" and an average target price set at $43.00.
• The company's latest quarterly earnings report showed a loss of ($0.50) per share, missing analyst estimates, and revenue down 17.2% compared to the previous year.

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $46.74 and last traded at $46.12, with a volume of 330637 shares changing hands. The stock had previously closed at $45.73.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Morgan Stanley raised their price target on shares of Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 12th. Wall Street Zen cut shares of Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $43.00.

Madison Square Garden Entertainment Price Performance

The stock's fifty day moving average price is $40.32 and its two-hundred day moving average price is $37.00. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 60.68 and a beta of 0.44. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 60.61.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last announced its quarterly earnings data 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 net margin of 3.97% and a negative return on equity of 458.14%. 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 previous year, the business posted $1.41 earnings per share. Madison Square Garden Entertainment's revenue for the quarter was down 17.2% compared to the same quarter last year. Equities research analysts expect that Madison Square Garden Entertainment Corp. will post 1.04 EPS for the current year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Osaic Holdings Inc. raised its stake in Madison Square Garden Entertainment by 32.0% during the 2nd quarter. Osaic Holdings Inc. now owns 3,138 shares of the company's stock worth $125,000 after acquiring an additional 760 shares in the last quarter. Orion Porfolio Solutions LLC raised its stake in Madison Square Garden Entertainment by 1.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company's stock worth $906,000 after acquiring an additional 418 shares in the last quarter. State of Wyoming acquired a new stake in Madison Square Garden Entertainment during the 2nd quarter worth $62,000. Caxton Associates LLP acquired a new stake in Madison Square Garden Entertainment during the 2nd quarter worth $294,000. Finally, Tower Research Capital LLC TRC raised its stake in Madison Square Garden Entertainment by 84.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,512 shares of the company's stock worth $380,000 after acquiring an additional 4,363 shares in the last quarter. 96.86% of the stock is currently owned by institutional investors and hedge funds.

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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