Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 52-Week High – What’s Next?

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $44.05 and last traded at $43.29, with a volume of 340460 shares trading hands. The stock had previously closed at $41.55.

Analysts Set New Price Targets

MSGE has been the topic of a number of recent research reports. Bank of America raised their price objective on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Macquarie raised their price target on Madison Square Garden Entertainment from $46.00 to $47.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Morgan Stanley upped their price objective on shares of Madison Square Garden Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Finally, The Goldman Sachs Group raised shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and raised their target price for the company from $41.00 to $45.00 in a report on Wednesday, July 24th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $44.20.

Madison Square Garden Entertainment Stock Up 4.3 %

The company has a 50 day simple moving average of $41.67 and a 200 day simple moving average of $38.62. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of 14.16, a P/E/G ratio of 3.51 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Friday, August 16th. The company reported $1.41 EPS for the quarter, beating the consensus estimate of ($0.56) by $1.97. The business had revenue of $186.10 million during the quarter, compared to the consensus estimate of $173.26 million. Madison Square Garden Entertainment had a net margin of 15.04% and a negative return on equity of 138.81%. The firm’s revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.47) EPS. As a group, analysts predict that Madison Square Garden Entertainment Corp. will post 1.66 earnings per share for the current fiscal year.

Insider Activity at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $42.43, for a total transaction of $254,580.00. Following the sale, the executive vice president now directly owns 12,192 shares in the company, valued at approximately $517,306.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 17.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of hedge funds have recently modified their holdings of MSGE. Quent Capital LLC raised its position in shares of Madison Square Garden Entertainment by 913.8% during the third quarter. Quent Capital LLC now owns 659 shares of the company’s stock worth $28,000 after acquiring an additional 594 shares during the last quarter. Principal Financial Group Inc. acquired a new position in shares of Madison Square Garden Entertainment in the 1st quarter worth approximately $205,000. DekaBank Deutsche Girozentrale boosted its stake in shares of Madison Square Garden Entertainment by 101.6% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock valued at $207,000 after purchasing an additional 2,639 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Madison Square Garden Entertainment during the 2nd quarter valued at about $251,000. Finally, Cannon Global Investment Management LLC bought a new stake in Madison Square Garden Entertainment in the third quarter worth approximately $259,000. Institutional investors and hedge funds own 96.86% of the company’s stock.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in live entertainment business. The company produces, presents, and hosts live entertainment events, including concerts, sports events, and other live events, such as family shows, performing arts events, and special events. Its operations include a collection of venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production.