Madison Square Garden Entertainment (NYSE:MSGE) Hits New 52-Week High – Time to Buy?

Madison Square Garden Entertainment Corp. (NYSE:MSGE) reached a new 52-week high during trading on Wednesday . The stock traded as high as $43.82 and last traded at $43.17, with a volume of 154524 shares traded. The stock had previously closed at $41.57.

Wall Street Analyst Weigh In

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

Madison Square Garden Entertainment Stock Up 3.0 %

The stock has a fifty day simple moving average of $40.32 and a 200 day simple moving average of $38.15. The firm has a market capitalization of $1.76 billion, a P/E ratio of 35.23, a PEG ratio of 3.64 and a beta of 0.13.

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

Insider Buying and Selling

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 6,000 shares of Madison Square Garden Entertainment stock in a transaction on Monday, September 30th. The shares were sold at an average price of $42.43, for a total value of $254,580.00. Following the sale, the executive vice president now directly owns 12,192 shares in the company, valued at approximately $517,306.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 18.72% of the stock is owned by company insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several large investors have recently bought and sold shares of MSGE. Handelsbanken Fonder AB bought a new stake in Madison Square Garden Entertainment during the third quarter worth approximately $323,000. Quent Capital LLC increased 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 valued at $28,000 after purchasing an additional 594 shares during the last quarter. SG Americas Securities LLC raised its holdings in Madison Square Garden Entertainment by 77.4% during the 3rd quarter. SG Americas Securities LLC now owns 18,325 shares of the company’s stock valued at $779,000 after buying an additional 7,996 shares during the period. Sanctuary Advisors LLC bought a new stake in Madison Square Garden Entertainment in the second quarter worth $303,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Madison Square Garden Entertainment during the second quarter worth $513,000. Institutional investors 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.