Madison Square Garden Entertainment (NYSE:MSGE) Stock Price Down 3.9% - Here's Why

Key Points

• Madison Square Garden Entertainment's stock dropped by 3.9% to $45.76 after trading at a low of $46.38, with volume significantly down by 93% compared to average trading sessions.
• The company experienced a quarterly loss of ($0.50) earnings per share, falling short of analysts' expectations and reflecting a revenue decline of 17.2% year-over-year.
• Analysts' ratings vary, as Wall Street Zen downgraded the stock to a "sell", while Morgan Stanley set an increased price target of $44.00, and Goldman Sachs raised theirs to $52.00 with a "buy" rating.

Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) traded down 3.9% on Thursday . The stock traded as low as $46.38 and last traded at $45.76. 22,771 shares changed hands during trading, a decline of 93% from the average session volume of 342,533 shares. The stock had previously closed at $47.61.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wall Street Zen cut Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Morgan Stanley boosted their price objective 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. Finally, The Goldman Sachs Group boosted their price objective on Madison Square Garden Entertainment from $42.00 to $52.00 and gave the stock a "buy" rating in a research note on Wednesday. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Madison Square Garden Entertainment has an average rating of "Moderate Buy" and an average target price of $45.20.

Madison Square Garden Entertainment Stock Performance

The stock has a market cap of $2.19 billion, a P/E ratio of 60.80 and a beta of 0.49. The business has a 50 day moving average price of $40.92 and a 200 day moving average price of $37.55. 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 announced 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). 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 the consensus estimate of $151.17 million. During the same period last year, the company earned $1.41 EPS. The firm's revenue for the quarter was down 17.2% compared to the same quarter last year. As a group, sell-side analysts expect that Madison Square Garden Entertainment Corp. will post 1.04 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. KBC Group NV bought a new position in Madison Square Garden Entertainment in the first quarter worth approximately $31,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Madison Square Garden Entertainment during the first quarter worth $40,000. CWM LLC lifted its holdings in Madison Square Garden Entertainment by 623.8% during the second quarter. CWM LLC now owns 1,035 shares of the company's stock worth $41,000 after buying an additional 892 shares during the period. Cullen Frost Bankers Inc. lifted its holdings in Madison Square Garden Entertainment by 163.0% during the second quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company's stock worth $43,000 after buying an additional 673 shares during the period. Finally, NBC Securities Inc. lifted its holdings in Madison Square Garden Entertainment by 136,900.0% during the first quarter. NBC Securities Inc. now owns 1,370 shares of the company's stock worth $44,000 after buying an additional 1,369 shares during the period. 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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