Madison Square Garden Entertainment (NYSE:MSGE) Stock Price Up 6.1% – Here’s What Happened

Madison Square Garden Entertainment Corp. (NYSE:MSGE) shot up 6.1% on Tuesday . The stock traded as high as $38.79 and last traded at $38.79. 193,578 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 401,190 shares. The stock had previously closed at $36.57.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MSGE shares. Guggenheim cut their price objective on shares of Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Morgan Stanley decreased their price target on shares of Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. Macquarie dropped their price objective on shares of Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Finally, Bank of America raised their target price 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. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $46.00.

Madison Square Garden Entertainment Trading Up 4.6 %

The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 10.60, a P/E/G ratio of 3.37 and a beta of -0.03. The firm has a 50-day simple moving average of $40.43 and a two-hundred day simple moving average of $38.45.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.39. Madison Square Garden Entertainment had a net margin of 18.38% and a negative return on equity of 261.70%. The business had revenue of $138.70 million for the quarter, compared to analysts’ expectations of $139.46 million. During the same quarter last year, the company earned ($0.73) EPS. The business’s revenue was down 2.5% on a year-over-year basis. Equities research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.58 EPS for the current year.

Insider Transactions at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $42.43, for a total transaction of $254,580.00. Following the completion of the transaction, the executive vice president now directly owns 12,192 shares in the company, valued at approximately $517,306.56. This represents a 32.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 17.85% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MSGE. Price T Rowe Associates Inc. MD raised its holdings in Madison Square Garden Entertainment by 5.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,210 shares of the company’s stock valued at $1,107,000 after acquiring an additional 1,516 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Madison Square Garden Entertainment by 4,104.7% in the first quarter. Public Employees Retirement System of Ohio now owns 10,680 shares of the company’s stock valued at $419,000 after purchasing an additional 10,426 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Madison Square Garden Entertainment by 15.1% during the first quarter. Janus Henderson Group PLC now owns 69,980 shares of the company’s stock worth $2,744,000 after buying an additional 9,192 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in 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 in the last quarter. Finally, Simplicity Wealth LLC increased its stake in shares of Madison Square Garden Entertainment by 0.6% in the 2nd quarter. Simplicity Wealth LLC now owns 75,696 shares of the company’s stock worth $2,591,000 after acquiring an additional 482 shares during the last quarter. 96.86% of the stock is owned by hedge funds and other 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.