Madison Square Garden Entertainment (NYSE:MSGE) Sets New 52-Week High - What's Next?

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.

Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Thursday . The company 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 research analysts have weighed in on MSGE shares. Morgan Stanley raised their price objective on shares of 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. Wall Street Zen cut shares of Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Madison Square Garden Entertainment currently has a consensus rating of "Moderate Buy" and an average target price of $43.00.

Madison Square Garden Entertainment Price Performance

The firm's fifty day moving average price is $40.08 and its two-hundred day moving average price is $36.81. The stock has a market capitalization of $2.15 billion, a PE ratio of 59.50 and a beta of 0.44. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 60.61.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted 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 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 analysts' expectations of $151.17 million. During the same period last year, the company earned $1.41 earnings per share. The business's revenue for the quarter was down 17.2% compared to the same quarter last year. On average, equities analysts predict that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current year.

Institutional Trading of Madison Square Garden Entertainment

Hedge funds have recently modified their holdings of the business. Osaic Holdings Inc. raised its holdings in Madison Square Garden Entertainment by 32.0% in the 2nd quarter. Osaic Holdings Inc. now owns 3,138 shares of the company's stock valued at $125,000 after acquiring an additional 760 shares during the last quarter. Orion Porfolio Solutions LLC grew its holdings in 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 worth $906,000 after buying an additional 418 shares in the last quarter. State of Wyoming bought a new position in shares of Madison Square Garden Entertainment in the second quarter valued at approximately $62,000. Caxton Associates LLP acquired a new stake in shares of Madison Square Garden Entertainment during the 2nd quarter valued at $294,000. Finally, Tower Research Capital LLC TRC grew 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 valued at $380,000 after acquiring an additional 4,363 shares in the last quarter. 96.86% of the stock is 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.