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FB   338.03 (+1.47%)
GOOGL   2,910.61 (+2.35%)
AMZN   3,561.57 (+1.63%)
TSLA   1,136.99 (+5.09%)
NVDA   333.76 (+5.95%)
BABA   131.61 (-1.30%)
NIO   40.46 (+1.18%)
CGC   11.06 (-5.39%)
AMD   161.91 (+4.59%)
GE   98.40 (+0.57%)
MU   86.14 (+3.26%)
T   23.89 (-1.36%)
F   19.67 (-0.41%)
DIS   147.81 (-0.20%)
ACB   6.44 (-5.15%)
AMC   36.84 (-2.10%)
PFE   52.40 (-2.96%)
BA   198.50 (-0.36%)

Madison Square Garden Entertainment (NYSE:MSGE) Downgraded by Zacks Investment Research to "Hold"

Thursday, November 4, 2021 | MarketBeat

Madison Square Garden Entertainment (NYSE:MSGE) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a note issued to investors on Thursday, Zacks.com reports.

According to Zacks, "Madison Square Garden Entertainment Corp. provides entertainment experiences. The Company presents or hosts events in its diverse collection of venues: New York's Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; the Forum in Inglewood, CA and The Chicago Theatre. Also under the MSG Entertainment umbrella is Tao Group Hospitality, with entertainment dining and nightlife brands including Tao, Marquee, Lavo, Avenue, Beauty & Essex and Cathédrale. Madison Square Garden Entertainment Corp. is based in NEW YORK. "

Several other equities research analysts have also recently issued reports on the stock. Morgan Stanley reiterated a "sell" rating and set a $65.00 price objective on shares of Madison Square Garden Entertainment in a research report on Tuesday, August 24th. JPMorgan Chase & Co. reduced their price target on shares of Madison Square Garden Entertainment from $105.00 to $79.00 and set a "neutral" rating on the stock in a report on Monday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $85.00.

Shares of MSGE stock opened at $73.34 on Thursday. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.27. Madison Square Garden Entertainment has a one year low of $60.26 and a one year high of $121.42. The company's fifty day moving average price is $74.25. The company has a market cap of $2.49 billion, a P/E ratio of -4.22 and a beta of 1.43.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings results on Sunday, August 22nd. The company reported ($4.87) EPS for the quarter, missing the Zacks' consensus estimate of ($3.06) by ($1.81). The business had revenue of $99.80 million for the quarter, compared to the consensus estimate of $70.76 million. Madison Square Garden Entertainment had a negative net margin of 228.43% and a negative return on equity of 14.98%. Madison Square Garden Entertainment's revenue was up 1008.9% compared to the same quarter last year. During the same period in the prior year, the business earned $5.26 earnings per share. As a group, equities analysts expect that Madison Square Garden Entertainment will post 1.23 earnings per share for the current year.

In related news, SVP Joseph F. Yospe sold 3,052 shares of the company's stock in a transaction on Friday, September 24th. The shares were sold at an average price of $80.09, for a total transaction of $244,434.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 24.62% of the company's stock.

Several large investors have recently bought and sold shares of the company. OLD Mission Capital LLC purchased a new position in shares of Madison Square Garden Entertainment in the 3rd quarter worth approximately $417,000. JPMorgan Chase & Co. lifted its position in Madison Square Garden Entertainment by 55.3% in the first quarter. JPMorgan Chase & Co. now owns 6,863 shares of the company's stock worth $562,000 after buying an additional 2,444 shares during the last quarter. Northern Trust Corp boosted its stake in Madison Square Garden Entertainment by 6.8% during the first quarter. Northern Trust Corp now owns 102,734 shares of the company's stock worth $8,403,000 after buying an additional 6,580 shares during the period. Bank of New York Mellon Corp increased its position in Madison Square Garden Entertainment by 14.3% during the first quarter. Bank of New York Mellon Corp now owns 97,417 shares of the company's stock valued at $7,968,000 after acquiring an additional 12,209 shares during the last quarter. Finally, Credit Suisse AG raised its stake in shares of Madison Square Garden Entertainment by 51.3% in the first quarter. Credit Suisse AG now owns 23,009 shares of the company's stock valued at $1,882,000 after acquiring an additional 7,805 shares during the period. 71.96% 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 entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball, professional bull riding, mixed martial arts, and esports in its venues, including New York's Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre, and The Chicago Theatre.

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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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