Madison Square Garden Entertainment (NYSE:MSGE) Sets New 12-Month High - Here's What Happened

Key Points

• Madison Square Garden Entertainment shares reached a new 52-week high of $45.57 during trading, closing at $44.90, amidst a trading volume of 347,768 shares.
• The company's recent quarterly earnings report revealed a miss in earnings per share, reporting ($0.50) against expectations of ($0.47), while revenue of $154.14 million slightly exceeded projections.
• Analysts have mixed views, with four giving a Buy rating and one a Sell rating, resulting in an average "Moderate Buy" rating and a target price of $43.00.

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as $45.57 and last traded at $44.90, with a volume of 347768 shares trading hands. The stock had previously closed at $44.60.

Analyst Ratings Changes

Several brokerages have recently commented on MSGE. Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Morgan Stanley raised their price objective 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. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Madison Square Garden Entertainment has an average rating of "Moderate Buy" and an average target price of $43.00.

Madison Square Garden Entertainment Stock Performance

The company has a market capitalization of $2.13 billion, a PE ratio of 59.08 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. The firm's 50-day simple moving average is $39.83 and its 200-day simple moving average is $36.61.

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

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several hedge funds have recently modified their holdings of MSGE. Ameriprise Financial Inc. lifted its position in shares of Madison Square Garden Entertainment by 4.3% in the 4th quarter. Ameriprise Financial Inc. now owns 12,431 shares of the company's stock worth $443,000 after purchasing an additional 509 shares during the period. Deutsche Bank AG lifted its position in shares of Madison Square Garden Entertainment by 49.8% in the 4th quarter. Deutsche Bank AG now owns 32,672 shares of the company's stock worth $1,163,000 after purchasing an additional 10,863 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Madison Square Garden Entertainment by 4.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,486 shares of the company's stock worth $801,000 after purchasing an additional 1,005 shares during the period. ProShare Advisors LLC lifted its position in shares of Madison Square Garden Entertainment by 50.8% in the 4th quarter. ProShare Advisors LLC now owns 11,147 shares of the company's stock worth $397,000 after purchasing an additional 3,755 shares during the period. Finally, Royal Bank of Canada lifted its position in shares of Madison Square Garden Entertainment by 0.5% in the 4th quarter. Royal Bank of Canada now owns 408,811 shares of the company's stock worth $14,554,000 after purchasing an additional 1,953 shares during the period. Hedge funds and other institutional investors own 96.86% of the company's stock.

About Madison Square Garden Entertainment

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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