Y Intercept Hong Kong Ltd Sells 17,897 Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Y Intercept Hong Kong Ltd cut its stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 72.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,819 shares of the company’s stock after selling 17,897 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Madison Square Garden Entertainment were worth $290,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Quent Capital LLC increased its stake in Madison Square Garden Entertainment by 913.8% in the third quarter. Quent Capital LLC now owns 659 shares of the company’s stock valued at $28,000 after purchasing an additional 594 shares in the last quarter. ArrowMark Colorado Holdings LLC bought a new stake in shares of Madison Square Garden Entertainment in the 3rd quarter valued at $219,000. Captrust Financial Advisors acquired a new stake in Madison Square Garden Entertainment during the 3rd quarter worth $227,000. Cannon Global Investment Management LLC bought a new position in Madison Square Garden Entertainment during the third quarter worth about $259,000. Finally, Intech Investment Management LLC acquired a new position in Madison Square Garden Entertainment in the third quarter valued at about $291,000. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Trading Up 0.7 %

NYSE MSGE opened at $34.47 on Wednesday. The stock has a 50 day moving average of $39.12 and a 200-day moving average of $38.46. Madison Square Garden Entertainment Corp. has a 12 month low of $30.10 and a 12 month high of $44.14. The company has a market cap of $1.66 billion, a PE ratio of 9.42, a PEG ratio of 3.20 and a beta of -0.04.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.39. Madison Square Garden Entertainment had a negative return on equity of 261.70% and a net margin of 18.38%. The firm had revenue of $138.70 million for the quarter, compared to the consensus estimate of $139.46 million. During the same quarter in the previous year, the business earned ($0.73) earnings per share. The business’s revenue was down 2.5% compared to the same quarter last year. As a group, sell-side analysts predict that Madison Square Garden Entertainment Corp. will post 1.58 EPS for the current fiscal year.

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the company’s stock in a transaction that occurred 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 owns 12,192 shares of the company’s stock, valued at approximately $517,306.56. This represents a 32.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 17.85% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on MSGE. Guggenheim dropped their price objective 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. Morgan Stanley reduced their price objective on Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, November 11th. Finally, Macquarie lowered their price target on shares of Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Madison Square Garden Entertainment has a consensus rating of “Moderate Buy” and a consensus target price of $46.00.

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.