Wolfe Research Lowers Madison Square Garden Entertainment (NYSE:MSGE) Price Target to $73.00

Madison Square Garden Entertainment (NYSE:MSGEGet Rating) had its price objective lowered by stock analysts at Wolfe Research from $88.00 to $73.00 in a report issued on Thursday, The Fly reports. Wolfe Research’s target price suggests a potential upside of 10.09% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. decreased their target price on shares of Madison Square Garden Entertainment from $79.00 to $76.00 in a research report on Thursday, April 21st. Jefferies Financial Group reduced their price objective on shares of Madison Square Garden Entertainment from $115.00 to $106.00 in a research report on Friday, February 11th. Oppenheimer reduced their price objective on shares of Madison Square Garden Entertainment from $115.00 to $95.00 and set an “outperform” rating for the company in a research report on Thursday, February 10th. Finally, Zacks Investment Research raised shares of Madison Square Garden Entertainment from a “sell” rating to a “hold” rating in a research report on Wednesday, April 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $83.50.

NYSE:MSGE opened at $66.31 on Thursday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.51 and a quick ratio of 1.51. The firm has a 50-day moving average of $73.28 and a 200-day moving average of $72.66. The company has a market cap of $2.27 billion, a PE ratio of -8.44 and a beta of 1.06. Madison Square Garden Entertainment has a one year low of $57.66 and a one year high of $93.63.

Madison Square Garden Entertainment (NYSE:MSGEGet Rating) last posted its earnings results on Monday, May 9th. The company reported ($0.51) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.55). The business had revenue of $460.10 million for the quarter, compared to the consensus estimate of $441.64 million. Madison Square Garden Entertainment had a negative return on equity of 9.60% and a negative net margin of 16.04%. The company’s revenue was up 114.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($3.66) earnings per share. On average, equities research analysts expect that Madison Square Garden Entertainment will post -3.06 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC boosted its stake in Madison Square Garden Entertainment by 414.4% in the third quarter. Cubist Systematic Strategies LLC now owns 38,372 shares of the company’s stock valued at $2,788,000 after acquiring an additional 30,913 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Madison Square Garden Entertainment by 23.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 10,103 shares of the company’s stock valued at $711,000 after buying an additional 1,918 shares in the last quarter. AlphaCrest Capital Management LLC purchased a new stake in shares of Madison Square Garden Entertainment during the 4th quarter valued at approximately $1,152,000. Macquarie Group Ltd. lifted its stake in shares of Madison Square Garden Entertainment by 16.6% during the 3rd quarter. Macquarie Group Ltd. now owns 1,897 shares of the company’s stock valued at $138,000 after buying an additional 270 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Madison Square Garden Entertainment by 37.2% during the 3rd quarter. Invesco Ltd. now owns 64,480 shares of the company’s stock valued at $4,686,000 after buying an additional 17,497 shares in the last quarter. Hedge funds and other institutional investors own 73.12% of the company’s stock.

About Madison Square Garden Entertainment (Get Rating)

Madison Square Garden Entertainment Corp. engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre, and The Chicago Theatre.

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