BTIG Research Begins Coverage on Madison Square Garden Entertainment (NYSE:MSGE)
by Scott Moore · The Cerbat GemEquities research analysts at BTIG Research began coverage on shares of Madison Square Garden Entertainment (NYSE:MSGE – Get Free Report) in a report issued on Tuesday,Benzinga reports. The firm set a “buy” rating and a $70.00 price target on the stock. BTIG Research’s target price points to a potential upside of 16.27% from the company’s previous close.
MSGE has been the subject of a number of other research reports. JPMorgan Chase & Co. boosted their target price on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 4th. Weiss Ratings reissued a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Friday, March 27th. Susquehanna boosted their target price on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a research report on Thursday, December 11th. Wall Street Zen raised shares of Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Finally, The Goldman Sachs Group reissued a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.67.
Get Our Latest Analysis on MSGE
Madison Square Garden Entertainment Trading Down 0.2%
Shares of NYSE:MSGE opened at $60.21 on Tuesday. The stock has a market capitalization of $2.43 billion, a PE ratio of 55.75 and a beta of 0.48. Madison Square Garden Entertainment has a 1 year low of $28.29 and a 1 year high of $65.26. The firm has a fifty day moving average price of $59.73 and a 200 day moving average price of $53.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 15.40.
Madison Square Garden Entertainment (NYSE:MSGE – Get Free Report) last released its earnings results on Tuesday, February 3rd. The company reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.41). The firm had revenue of $459.94 million for the quarter, compared to analyst estimates of $448.21 million. Madison Square Garden Entertainment had a negative return on equity of 748.04% and a net margin of 5.12%.The firm’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.56 EPS. Analysts expect that Madison Square Garden Entertainment will post 1.04 EPS for the current fiscal year.
Insider Activity at Madison Square Garden Entertainment
In other news, Director Charles P. Dolan sold 19,311 shares of the company’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the completion of the transaction, the director owned 660 shares of the company’s stock, valued at approximately $42,081.60. This represents a 96.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 16.41% of the company’s stock.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in the stock. Corient Private Wealth LLC raised its position in shares of Madison Square Garden Entertainment by 276.5% during the fourth quarter. Corient Private Wealth LLC now owns 16,875 shares of the company’s stock valued at $909,000 after buying an additional 12,393 shares during the last quarter. Aristides Capital LLC acquired a new position in Madison Square Garden Entertainment in the fourth quarter worth about $211,000. Invesco Ltd. raised its position in Madison Square Garden Entertainment by 457.3% in the fourth quarter. Invesco Ltd. now owns 163,044 shares of the company’s stock worth $8,786,000 after purchasing an additional 133,786 shares in the last quarter. Mackenzie Financial Corp acquired a new position in Madison Square Garden Entertainment in the fourth quarter worth about $1,196,000. Finally, XTX Topco Ltd raised its position in Madison Square Garden Entertainment by 5.2% in the fourth quarter. XTX Topco Ltd now owns 8,681 shares of the company’s stock worth $468,000 after purchasing an additional 427 shares in the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.
Madison Square Garden Entertainment Company Profile
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.