Madison Square Garden Entertainment (NYSE:MSGE) Stock Price Up 3.9%

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s stock price rose 3.9% during mid-day trading on Tuesday . The company traded as high as $33.81 and last traded at $33.35. Approximately 154,931 shares were traded during trading, a decline of 63% from the average daily volume of 417,204 shares. The stock had previously closed at $32.11.

Wall Street Analysts Forecast Growth

MSGE has been the topic of a number of recent research reports. Morgan Stanley cut their price target on shares of Madison Square Garden Entertainment from $40.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Friday, September 1st. Guggenheim boosted their price target on shares of Madison Square Garden Entertainment from $41.00 to $43.00 and gave the stock a “buy” rating in a research note on Tuesday, August 22nd. The Goldman Sachs Group began coverage on shares of Madison Square Garden Entertainment in a research note on Friday, May 26th. They set a “neutral” rating and a $40.00 target price on the stock. Bank of America began coverage on shares of Madison Square Garden Entertainment in a research note on Tuesday, August 22nd. They set a “buy” rating and a $41.00 target price on the stock. Finally, Macquarie began coverage on shares of Madison Square Garden Entertainment in a research note on Thursday, June 1st. They set an “outperform” rating and a $43.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $42.75.

Madison Square Garden Entertainment Price Performance

The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 14.79. The company has a fifty day moving average of $32.98 and a two-hundred day moving average of $39.55.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings results on Friday, August 18th. The company reported ($0.47) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.16. The firm had revenue of $147.90 million during the quarter, compared to analysts’ expectations of $140.52 million. The business’s quarterly revenue was down 17.0% compared to the same quarter last year. On average, sell-side analysts predict that Madison Square Garden Entertainment Corp. will post 1.13 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Entertainment Co. Sphere sold 6,877,553 shares of Madison Square Garden Entertainment stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $29.76, for a total value of $204,675,977.28. Following the transaction, the insider now directly owns 10,143,938 shares of the company’s stock, valued at approximately $301,883,594.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Madison Square Garden Entertainment news, major shareholder Entertainment Co. Sphere sold 6,877,553 shares of Madison Square Garden Entertainment stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $29.76, for a total transaction of $204,675,977.28. Following the sale, the insider now directly owns 10,143,938 shares in the company, valued at approximately $301,883,594.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas Charles Dolan acquired 322,580 shares of the company’s stock in a transaction on Tuesday, June 27th. The shares were acquired at an average price of $31.00 per share, for a total transaction of $9,999,980.00. Following the completion of the acquisition, the insider now directly owns 369,708 shares in the company, valued at $11,460,948. The disclosure for this purchase can be found here.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently made changes to their positions in MSGE. Ariel Investments LLC increased its holdings in shares of Madison Square Garden Entertainment by 85.9% in the 2nd quarter. Ariel Investments LLC now owns 12,383,770 shares of the company’s stock valued at $382,783,000 after acquiring an additional 5,723,626 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Madison Square Garden Entertainment by 148.3% in the 2nd quarter. BlackRock Inc. now owns 4,451,189 shares of the company’s stock valued at $138,276,000 after acquiring an additional 2,658,518 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Madison Square Garden Entertainment by 121.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,314,073 shares of the company’s stock worth $70,230,000 after buying an additional 1,268,796 shares during the last quarter. Gamco Investors INC. ET AL grew its stake in Madison Square Garden Entertainment by 101.6% during the 2nd quarter. Gamco Investors INC. ET AL now owns 1,789,317 shares of the company’s stock worth $54,497,000 after buying an additional 901,608 shares during the last quarter. Finally, State Street Corp grew its stake in Madison Square Garden Entertainment by 135.6% during the 2nd quarter. State Street Corp now owns 1,323,651 shares of the company’s stock worth $41,015,000 after buying an additional 761,764 shares during the last quarter. 70.02% of the stock is currently owned by 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.