Piper Sandler Initiates Coverage on Madison Square Garden Entertainment (NYSE:MSGE)

Key Points

• Piper Sandler initiated coverage of Madison Square Garden Entertainment with a “neutral” rating and an $86 price target, implying 4.28% upside from the reported $82.47 share price. The stock’s consensus rating is “Moderate Buy,” with an average price target of $91.62.
• MSGE reported a quarterly loss of $0.21 per share, beating estimates for a $0.44 loss, while revenue of $196.32 million exceeded forecasts and rose 27.4% year over year.
• The stock has gained significantly over the past year, trading between $36.67 and $90.41, while institutional investors hold a substantial 96.86% of outstanding shares.

Investment analysts at Piper Sandler started coverage on shares of Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) in a research note issued on Thursday,Benzinga reports. The firm set a "neutral" rating and a $86.00 price target on the stock. Piper Sandler's price objective suggests a potential upside of 4.28% from the stock's current price.

Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. raised their price target on shares of Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a "neutral" rating in a report on Thursday, August 13th. The Goldman Sachs Group reissued a "neutral" rating and set a $82.00 price objective (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. Wall Street Zen raised Madison Square Garden Entertainment from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Zacks Research upgraded Madison Square Garden Entertainment from a "hold" rating to a "strong-buy" rating in a research note on Monday. Finally, Susquehanna lifted their price target on Madison Square Garden Entertainment from $80.00 to $103.00 and gave the stock a "positive" rating in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Madison Square Garden Entertainment currently has a consensus rating of "Moderate Buy" and a consensus price target of $91.62.

Madison Square Garden Entertainment Trading Up 0.7%

Madison Square Garden Entertainment stock opened at $82.47 on Thursday. The stock has a 50-day moving average of $77.40 and a two-hundred day moving average of $68.07. The company has a debt-to-equity ratio of 11.80, a quick ratio of 0.70 and a current ratio of 0.70. Madison Square Garden Entertainment has a one year low of $36.67 and a one year high of $90.41. The stock has a market cap of $3.34 billion, a PE ratio of 59.76 and a beta of 0.56.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.23. The firm had revenue of $196.32 million during the quarter, compared to analyst estimates of $166.62 million. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. Madison Square Garden Entertainment's revenue was up 27.4% on a year-over-year basis. During the same period last year, the firm posted ($0.57) EPS. On average, research analysts anticipate that Madison Square Garden Entertainment will post 2.48 EPS for the current fiscal year.

Insider Activity

In related news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total transaction of $737,873.36. Following the completion of the transaction, the executive vice president owned 15,772 shares of the company's stock, valued at $1,174,698.56. This trade represents a 38.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 16.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Institutional investors have recently modified their holdings of the stock. First Horizon Corp purchased a new stake in shares of Madison Square Garden Entertainment in the fourth quarter worth about $37,000. Aster Capital Management DIFC Ltd purchased a new position in Madison Square Garden Entertainment during the fourth quarter valued at approximately $45,000. State of Wyoming purchased a new position in Madison Square Garden Entertainment during the second quarter valued at approximately $62,000. CIBC Private Wealth Group LLC lifted its holdings in Madison Square Garden Entertainment by 3,248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company's stock valued at $67,000 after acquiring an additional 1,202 shares during the period. Finally, CWM LLC lifted its holdings in Madison Square Garden Entertainment by 15.1% in the fourth quarter. CWM LLC now owns 1,723 shares of the company's stock valued at $93,000 after acquiring an additional 226 shares during the period. Hedge funds and other institutional investors own 96.86% of the company's stock.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. NYSE: MSGE is a premier live entertainment company focused on producing and hosting a wide range of events across North America. Established as a separate publicly traded entity in April 2020 through a spin-off from Madison Square Garden Company, MSGE owns and operates iconic venues such as Madison Square Garden in New York City, Radio City Music Hall, The Chicago Theatre and Sphere in Las Vegas. These facilities serve as flagship stages for concerts, sports events, family shows and cultural performances.

The company's core business activities center on venue management, event promotion and production services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source