Short Interest in Madison Square Garden Entertainment Corp. (NYSE:MSGE) Drops By 16.4%

Madison Square Garden Entertainment Corp. (NYSE:MSGE) was the recipient of a large decline in short interest in the month of August. As of August 15th, there was short interest totalling 1,890,000 shares, a decline of 16.4% from the July 31st total of 2,260,000 shares. Approximately 4.7% of the company’s stock are short sold. Based on an average daily trading volume, of 365,200 shares, the short-interest ratio is currently 5.2 days.

Madison Square Garden Entertainment Stock Up 0.2 %

MSGE opened at $42.00 on Friday. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 35.59, a price-to-earnings-growth ratio of 3.91 and a beta of 0.12. Madison Square Garden Entertainment has a fifty-two week low of $27.55 and a fifty-two week high of $42.99. The company’s 50-day moving average price is $37.52 and its 200 day moving average price is $37.48.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings results on Friday, August 16th. The company reported $1.41 EPS for the quarter, beating the consensus estimate of ($0.56) by $1.97. Madison Square Garden Entertainment had a net margin of 5.74% and a negative return on equity of 53.05%. The company had revenue of $186.10 million for the quarter, compared to analyst estimates of $173.26 million. During the same quarter last year, the business earned ($0.47) earnings per share. Madison Square Garden Entertainment’s revenue was up 25.8% compared to the same quarter last year. Research analysts anticipate that Madison Square Garden Entertainment will post 1.23 earnings per share for the current year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several large investors have recently made changes to their positions in MSGE. Susquehanna Fundamental Investments LLC bought a new position in shares of Madison Square Garden Entertainment in the second quarter valued at approximately $513,000. Long Pond Capital LP bought a new position in shares of Madison Square Garden Entertainment in the second quarter valued at approximately $12,407,000. Mackenzie Financial Corp bought a new position in shares of Madison Square Garden Entertainment in the second quarter valued at approximately $371,000. Millennium Management LLC boosted its holdings in shares of 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 acquiring an additional 64,245 shares in the last quarter. Finally, Maverick Capital Ltd. bought a new position in shares of Madison Square Garden Entertainment in the second quarter valued at approximately $1,494,000. Institutional investors and hedge funds own 96.86% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MSGE. The Goldman Sachs Group raised shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $41.00 to $45.00 in a research report on Wednesday, July 24th. Morgan Stanley boosted their target price on shares of Madison Square Garden Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Bank of America boosted their target price on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Finally, Macquarie boosted their price objective on shares of Madison Square Garden Entertainment from $46.00 to $47.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $44.20.

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.