Madison Square Garden Entertainment (NYSE:MSGE) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Madison Square Garden Entertainment has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, reflecting shifting investor sentiment.
• Goldman Sachs raised its target price for MSGE shares from $42 to $52, while Morgan Stanley increased their target to $44, indicating a positive outlook on the stock.
• Despite a revenue of $154.14 million in the last quarter, Madison Square Garden missed earnings expectations, reporting a loss of ($0.50) per share versus the anticipated ($0.47).

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

Other analysts have also recently issued research reports about the stock. The Goldman Sachs Group boosted their target price on shares of Madison Square Garden Entertainment from $42.00 to $52.00 and gave the stock a "buy" rating in a research note on Wednesday, October 1st. Morgan Stanley boosted their target price on shares of 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, Weiss Ratings reissued a "hold (c-)" rating on shares of Madison Square Garden Entertainment in a research note on Wednesday. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $45.20.

Madison Square Garden Entertainment Stock Down 0.4%

MSGE opened at $41.71 on Friday. Madison Square Garden Entertainment has a fifty-two week low of $28.29 and a fifty-two week high of $48.09. 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 fifty day moving average of $41.66 and a two-hundred day moving average of $38.05. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 54.88 and a beta of 0.49.

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 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 analysts' expectations of $151.17 million. During the same period in the previous year, the firm posted $1.41 EPS. The firm's quarterly revenue was down 17.2% on a year-over-year basis. On average, research analysts expect that Madison Square Garden Entertainment will post 1.04 earnings per share for the current year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. boosted its position in Madison Square Garden Entertainment by 23.7% during the third quarter. Assenagon Asset Management S.A. now owns 1,033,774 shares of the company's stock worth $46,768,000 after acquiring an additional 198,361 shares during the last quarter. Cullen Investment Group LTD. acquired a new position in Madison Square Garden Entertainment during the third quarter worth about $207,000. Osaic Holdings Inc. boosted its position in Madison Square Garden Entertainment by 32.0% during the second quarter. Osaic Holdings Inc. now owns 3,138 shares of the company's stock worth $125,000 after acquiring an additional 760 shares during the last quarter. Orion Porfolio Solutions LLC boosted its position in 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 worth $906,000 after acquiring an additional 418 shares during the last quarter. Finally, State of Wyoming acquired a new position in Madison Square Garden Entertainment during the second quarter worth about $62,000. 96.86% of the stock is currently owned by institutional investors and hedge funds.

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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