Macquarie Has Lowered Expectations for Madison Square Garden Entertainment (NYSE:MSGE) Stock Price

Madison Square Garden Entertainment (NYSE:MSGE) had its price objective cut by Macquarie from $47.00 to $45.00 in a research report report published on Monday,Benzinga reports. They currently have an outperform rating on the stock.

Other research analysts also recently issued research reports about the stock. Bank of America boosted their target price on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Morgan Stanley dropped their price objective on shares of Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday. Finally, The Goldman Sachs Group raised shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $41.00 to $45.00 in a research report on Wednesday, July 24th.

Madison Square Garden Entertainment Trading Down 0.9 %

Shares of Madison Square Garden Entertainment stock opened at $38.79 on Monday. The business has a 50-day moving average price of $41.58 and a two-hundred day moving average price of $38.67. Madison Square Garden Entertainment has a 1-year low of $28.54 and a 1-year high of $44.14. The company has a market cap of $1.61 billion, a P/E ratio of 10.60, a PEG ratio of 3.39 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Friday, November 8th. The company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.39. Madison Square Garden Entertainment had a negative return on equity of 138.81% and a net margin of 15.04%. The business had revenue of $138.70 million during the quarter, compared to analysts’ expectations of $139.46 million. During the same quarter last year, the firm posted ($0.73) earnings per share. The firm’s revenue was down 2.5% on a year-over-year basis. Equities research analysts forecast that Madison Square Garden Entertainment will post 1.66 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 18.72% of the company’s stock.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quent Capital LLC lifted its position in shares of Madison Square Garden Entertainment by 913.8% during the 3rd quarter. Quent Capital LLC now owns 659 shares of the company’s stock worth $28,000 after buying an additional 594 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Madison Square Garden Entertainment by 101.6% during the first quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock worth $207,000 after acquiring an additional 2,639 shares during the period. OFI Invest Asset Management purchased a new position in Madison Square Garden Entertainment in the second quarter worth $251,000. Cannon Global Investment Management LLC bought a new position in Madison Square Garden Entertainment in the 3rd quarter valued at $259,000. Finally, Marshall Wace LLP grew its stake in Madison Square Garden Entertainment by 5.8% in the 2nd quarter. Marshall Wace LLP now owns 7,800 shares of the company’s stock valued at $267,000 after purchasing an additional 426 shares during the period. 96.86% of the stock is owned by hedge funds and other institutional investors.

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.