Madison Square Garden Entertainment Corp. (NYSE:MSGE) Stock Short Interest Report for October

Key Points

• Short interest surged 72.7% in October to 2.48 million shares, representing 7.3% of MSGE’s outstanding shares and 4.3 days of average trading volume.
• MSGE reported better-than-expected quarterly results, with revenue rising 27.4% year over year to $196.32 million and an EPS loss of $0.21 versus the $0.44 expected loss.
• Analyst sentiment is cautious: the stock carries a consensus “Hold” rating from 11 analysts, with a $90.25 average price target; institutional investors own 96.86% of shares.

Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) saw a large growth in short interest during the month of October. As of October 15th, there was short interest totaling 2,475,992 shares, a growth of 72.7% from the September 30th total of 1,433,413 shares. Currently, 7.3% of the shares of the company are sold short. Based on an average daily volume of 573,475 shares, the short-interest ratio is presently 4.3 days.

Madison Square Garden Entertainment Price Performance

Shares of Madison Square Garden Entertainment stock opened at $80.14 on Monday. Madison Square Garden Entertainment has a 52 week low of $43.33 and a 52 week high of $90.41. The stock has a market cap of $3.25 billion, a PE ratio of 58.07 and a beta of 0.56. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 11.80. The company's 50-day moving average price is $79.24 and its two-hundred day moving average price is $70.42.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.23. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%. The business had revenue of $196.32 million during the quarter, compared to analysts' expectations of $166.62 million. During the same quarter in the previous year, the firm earned ($0.57) EPS. The firm's revenue was up 27.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Madison Square Garden Entertainment will post 2.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on MSGE shares. Wall Street Zen cut Madison Square Garden Entertainment from a "buy" rating to a "hold" rating in a report on Saturday. The Goldman Sachs Group downgraded shares of Madison Square Garden Entertainment from a "buy" rating to a "neutral" rating and raised their price objective for the company from $72.00 to $82.00 in a research report on Thursday, July 9th. Zacks Research cut shares of Madison Square Garden Entertainment from a "strong-buy" rating to a "hold" rating in a report on Monday, October 12th. Weiss Ratings restated a "hold (c)" rating on shares of Madison Square Garden Entertainment in a research report on Thursday. Finally, Piper Sandler assumed coverage on shares of Madison Square Garden Entertainment in a report on Thursday, August 20th. They issued a "neutral" rating and a $86.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $90.25.

Institutional Trading of Madison Square Garden Entertainment

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its stake in Madison Square Garden Entertainment by 1.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 17,519 shares of the company's stock valued at $1,032,000 after buying an additional 212 shares in the last quarter. State of Alaska Department of Revenue grew its position in shares of Madison Square Garden Entertainment by 30.8% during the third quarter. State of Alaska Department of Revenue now owns 1,713 shares of the company's stock worth $137,000 after purchasing an additional 403 shares in the last quarter. Nykredit A S purchased a new stake in shares of Madison Square Garden Entertainment during the 2nd quarter valued at about $46,000. Putney Financial Group LLC purchased a new stake in Madison Square Garden Entertainment in the 3rd quarter valued at about $69,000. Finally, GK Wealth Management LLC bought a new position in shares of Madison Square Garden Entertainment in the 3rd quarter worth $73,000. 96.86% of the stock is currently owned by institutional investors and hedge funds.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. NYSE: MSGE is a live entertainment company that owns, operates and manages prominent entertainment venues and produces live events. Its portfolio includes Madison Square Garden, Radio City Music Hall, the Beacon Theatre and The Chicago Theatre, as well as the Hulu Theater at Madison Square Garden.

The company presents and promotes concerts, family entertainment, comedy shows, sporting events and other special events. It also produces the annual Christmas Spectacular Starring the Radio City Rockettes and supports a range of entertainment experiences through its venue operations, booking activities and event-related services.

Madison Square Garden Entertainment primarily serves audiences in the United States, with a concentration in New York City and Chicago.

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