Madison Square Garden Entertainment (NYSE:MSGE) Hits New 1-Year High at $43.00

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) reached a new 52-week high during trading on Friday . The stock traded as high as $43.00 and last traded at $43.00, with a volume of 109 shares traded. The stock had previously closed at $42.00.

Analysts Set New Price Targets

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

Madison Square Garden Entertainment Stock Performance

The company has a market cap of $1.77 billion, a P/E ratio of 35.59, a P/E/G ratio of 3.46 and a beta of 0.13. The stock has a 50-day simple moving average of $39.33 and a 200 day simple moving average of $37.79.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Friday, August 16th. The company reported $1.41 EPS for the quarter, topping the consensus estimate of ($0.56) by $1.97. The firm had revenue of $186.10 million during the quarter, compared to analysts’ expectations of $173.26 million. Madison Square Garden Entertainment had a negative return on equity of 138.81% and a net margin of 15.04%. Madison Square Garden Entertainment’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same period last year, the business earned ($0.47) earnings per share. Sell-side analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Institutional investors and hedge funds have recently bought and sold shares of the business. Quent Capital LLC lifted its position in shares of Madison Square Garden Entertainment by 1,838.2% during the first quarter. Quent Capital LLC now owns 659 shares of the company’s stock worth $26,000 after purchasing an additional 625 shares in the last quarter. Principal Financial Group Inc. bought a new position in Madison Square Garden Entertainment in the 1st quarter valued at $205,000. DekaBank Deutsche Girozentrale increased its stake in shares of Madison Square Garden Entertainment by 101.6% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock valued at $207,000 after buying an additional 2,639 shares during the period. OFI Invest Asset Management bought a new stake in shares of Madison Square Garden Entertainment during the second quarter worth $251,000. Finally, Marshall Wace LLP lifted its stake in shares of Madison Square Garden Entertainment by 5.8% during the second quarter. Marshall Wace LLP now owns 7,800 shares of the company’s stock valued at $267,000 after acquiring an additional 426 shares during the period. Institutional investors and hedge funds own 96.86% of the company’s stock.

Madison Square Garden Entertainment Company Profile

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.