Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 52-Week High – Time to Buy?

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $44.04 and last traded at $43.99, with a volume of 56603 shares traded. The stock had previously closed at $43.40.

Wall Street Analyst Weigh In

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

Madison Square Garden Entertainment Stock Performance

The stock has a 50 day moving average of $41.25 and a two-hundred day moving average of $38.39. The firm has a market capitalization of $1.78 billion, a P/E ratio of 36.74, a P/E/G ratio of 3.70 and a beta of 0.13.

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

Insider Buying and Selling at Madison Square Garden Entertainment

In related 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 completion of the transaction, the executive vice president now owns 12,192 shares of the company’s stock, valued at approximately $517,306.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 18.72% of the company’s stock.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several large investors have recently bought and sold shares of MSGE. PNC Financial Services Group Inc. raised its position in shares of Madison Square Garden Entertainment by 5.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,521 shares of the company’s stock valued at $271,000 after buying an additional 450 shares during the last quarter. Radnor Capital Management LLC raised its holdings in Madison Square Garden Entertainment by 5.2% in the 1st quarter. Radnor Capital Management LLC now owns 22,845 shares of the company’s stock valued at $896,000 after acquiring an additional 1,125 shares in the last quarter. Principal Financial Group Inc. bought a new stake in shares of Madison Square Garden Entertainment in the 1st quarter worth approximately $205,000. Capstone Investment Advisors LLC grew its holdings in shares of Madison Square Garden Entertainment by 57.0% during the 1st quarter. Capstone Investment Advisors LLC now owns 28,622 shares of the company’s stock worth $1,122,000 after purchasing an additional 10,389 shares in the last quarter. Finally, Quent Capital LLC increased its position in shares of Madison Square Garden Entertainment by 1,838.2% during the first quarter. Quent Capital LLC now owns 659 shares of the company’s stock valued at $26,000 after purchasing an additional 625 shares during the period. 96.86% of the stock is currently owned by institutional investors and hedge funds.

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.