Madison Square Garden Entertainment (NYSE:MSGE) Shares Gap Up - Here's What Happened

Key Points

• MSGE shares gapped higher, opening at $82.37 versus a prior close of $79.09, while trading near $82.37.
• Analyst sentiment is generally positive: the stock has a “Moderate Buy” consensus rating and a $91.62 average price target, with Bank of America raising its target to $96.
• The company beat quarterly expectations, reporting a smaller-than-expected loss of $0.21 per share and revenue of $196.32 million, up 27.4% year over year. Institutional investors own approximately 96.86% of the stock.

Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) shares gapped up prior to trading on Tuesday. The stock had previously closed at $79.09, but opened at $82.37. Madison Square Garden Entertainment shares last traded at $82.3650, with a volume of 12,088 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MSGE. Zacks Research raised shares of Madison Square Garden Entertainment from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. Bank of America raised their target price on shares of Madison Square Garden Entertainment from $80.00 to $96.00 and gave the stock a "buy" rating in a report on Friday, August 14th. Seaport Research Partners restated a "neutral" rating on shares of Madison Square Garden Entertainment in a research report on Monday, June 29th. The Goldman Sachs Group reiterated a "neutral" rating and set a $82.00 price objective (up from $72.00) on shares of Madison Square Garden Entertainment in a research report on Thursday, July 9th. Finally, JPMorgan Chase & Co. lifted their target price on Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a "neutral" rating in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $91.62.

Madison Square Garden Entertainment Trading Up 0.3%

The company's 50-day moving average is $78.99 and its 200 day moving average is $71.56. 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 firm has a market cap of $3.32 billion, a PE ratio of 59.48 and a beta of 0.56.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.23. The company had revenue of $196.32 million for the quarter, compared to the consensus estimate of $166.62 million. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The company's revenue was up 27.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.57) EPS. As a group, sell-side analysts predict that Madison Square Garden Entertainment Corp. will post 2.5 EPS for the current year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several hedge funds have recently bought and sold shares of MSGE. Jericho Capital Asset Management L.P. boosted its holdings in Madison Square Garden Entertainment by 26.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company's stock worth $197,384,000 after purchasing an additional 777,000 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Madison Square Garden Entertainment in the first quarter valued at approximately $11,181,000. Assenagon Asset Management S.A. lifted its stake in shares of Madison Square Garden Entertainment by 13.1% in the first quarter. Assenagon Asset Management S.A. now owns 1,210,718 shares of the company's stock worth $71,323,000 after buying an additional 140,581 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Madison Square Garden Entertainment during the 2nd quarter worth $9,497,000. Finally, First Trust Advisors LP grew its stake in Madison Square Garden Entertainment by 130.2% in the 1st quarter. First Trust Advisors LP now owns 131,119 shares of the company's stock valued at $7,724,000 after buying an additional 74,159 shares during the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. is a live entertainment company that owns, operates and produces events at prominent venues in the United States. Its portfolio includes Madison Square Garden and Radio City Music Hall in New York City, as well as the Beacon Theatre in New York and The Chicago Theatre in Illinois.

The company presents concerts, comedy shows, family entertainment, sporting events and other live performances. Its productions include the annual Christmas Spectacular Starring the Radio City Rockettes, along with original entertainment and special events.

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