Madison Square Garden Entertainment Corp. (NYSE:MSGE) Short Interest Update

Madison Square Garden Entertainment Corp. (NYSE:MSGE) was the target of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 1,090,000 shares, a decline of 21.0% from the October 31st total of 1,380,000 shares. Based on an average daily trading volume, of 329,700 shares, the short-interest ratio is presently 3.3 days. Currently, 2.7% of the company’s shares are sold short.

Madison Square Garden Entertainment Price Performance

NYSE:MSGE opened at $36.64 on Friday. The business’s 50-day simple moving average is $40.54 and its 200-day simple moving average is $38.42. Madison Square Garden Entertainment has a fifty-two week low of $29.71 and a fifty-two week high of $44.14. The stock has a market capitalization of $1.76 billion, a PE ratio of 10.01, a price-to-earnings-growth ratio of 3.34 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.39. The company had revenue of $138.70 million during the quarter, compared to the consensus estimate of $139.46 million. Madison Square Garden Entertainment had a net margin of 18.38% and a negative return on equity of 261.70%. The firm’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.73) earnings per share. On average, research analysts expect that Madison Square Garden Entertainment will post 1.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MSGE shares. Morgan Stanley reduced their target price on Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, November 11th. Bank of America lifted their price objective on shares of 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 lowered their target price on shares of Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. Finally, Guggenheim cut their target price on shares of Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Madison Square Garden Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $46.00.

Insider Buying and Selling

In other news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $42.43, for a total value of $254,580.00. Following the transaction, the executive vice president now directly owns 12,192 shares in the company, valued at $517,306.56. This trade represents a 32.98 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 17.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MSGE. Assenagon Asset Management S.A. raised its position in Madison Square Garden Entertainment by 1,425.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock valued at $38,261,000 after buying an additional 840,631 shares during the last quarter. Long Pond Capital LP acquired a new stake in shares of Madison Square Garden Entertainment in the second quarter valued at approximately $12,407,000. Federated Hermes Inc. boosted its holdings in Madison Square Garden Entertainment by 48.6% during the second quarter. Federated Hermes Inc. now owns 569,884 shares of the company’s stock worth $19,507,000 after purchasing an additional 186,475 shares during the last quarter. Millennium Management LLC grew its position in Madison Square Garden Entertainment by 120.7% in the second quarter. Millennium Management LLC now owns 117,481 shares of the company’s stock valued at $4,021,000 after purchasing an additional 64,245 shares in the last quarter. Finally, Duquesne Family Office LLC increased its stake in Madison Square Garden Entertainment by 8.5% in the 2nd quarter. Duquesne Family Office LLC now owns 694,225 shares of the company’s stock valued at $23,763,000 after buying an additional 54,425 shares during the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.

About Madison Square Garden Entertainment

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.