MSG Entertainment (NYSE:MSGE) Hits New 1-Year Low – Here’s What Happened

MSG Entertainment (NYSE:MSGE)’s share price reached a new 52-week low during trading on Tuesday . The stock traded as low as $30.56 and last traded at $30.65, with a volume of 408941 shares. The stock had previously closed at $31.85.

Wall Street Analysts Forecast Growth

MSGE has been the topic of several analyst reports. Macquarie reaffirmed an “outperform” rating and set a $45.00 target price on shares of MSG Entertainment in a report on Monday, February 10th. Wolfe Research upgraded MSG Entertainment from a “peer perform” rating to an “outperform” rating and set a $46.00 price target on the stock in a research report on Tuesday.

MSG Entertainment Stock Down 1.7 %

The company has a market cap of $1.31 billion, a PE ratio of 12.11, a P/E/G ratio of 5.09 and a beta of 0.11. The business has a 50-day simple moving average of $35.41 and a 200-day simple moving average of $37.90. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 56.61.

MSG Entertainment (NYSE:MSGE) last released its earnings results on Thursday, February 6th. The company reported $1.56 earnings per share for the quarter, missing the consensus estimate of $2.16 by ($0.60). MSG Entertainment had a net margin of 13.15% and a negative return on equity of 323.63%. Equities research analysts anticipate that MSG Entertainment will post 1.04 EPS for the current year.

Insider Activity

In other news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $30.96, for a total value of $2,078,747.28. Following the transaction, the insider now owns 6,015 shares in the company, valued at $186,224.40. This trade represents a 91.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 17.85% of the company’s stock.

Hedge Funds Weigh In On MSG Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ariel Investments LLC lifted its position in MSG Entertainment by 14.5% during the fourth quarter. Ariel Investments LLC now owns 7,604,543 shares of the company’s stock worth $270,722,000 after buying an additional 964,657 shares in the last quarter. Norges Bank acquired a new stake in MSG Entertainment during the fourth quarter worth $13,454,000. Jericho Capital Asset Management L.P. increased its stake in MSG Entertainment by 10.9% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 2,733,724 shares of the company’s stock worth $97,321,000 after acquiring an additional 268,000 shares during the last quarter. Alliancebernstein L.P. increased its stake in MSG Entertainment by 81.7% during the fourth quarter. Alliancebernstein L.P. now owns 413,042 shares of the company’s stock worth $14,704,000 after acquiring an additional 185,670 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in MSG Entertainment by 108.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 350,829 shares of the company’s stock worth $12,490,000 after acquiring an additional 182,478 shares during the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.

MSG Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.