Madison Square Garden Entertainment (NYSE:MSGE) Stock Price Up 6.1% – Should You Buy?

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) shot up 6.1% during trading on Tuesday . The stock traded as high as $38.79 and last traded at $38.79. 193,578 shares traded hands during 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 brokerages recently commented on MSGE. Morgan Stanley cut their price objective on shares of Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, November 11th. Bank of America increased their price objective on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, August 19th. 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 research report on Tuesday, November 12th. Finally, Macquarie cut 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 research report on Monday, November 11th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Madison Square Garden Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $46.00.

Madison Square Garden Entertainment Stock Performance

The business’s fifty day moving average price is $40.23 and its 200-day moving average price is $38.46. The stock has a market cap of $1.86 billion, a PE ratio of 10.56, a P/E/G ratio of 3.54 and a beta of -0.04.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $138.70 million for the quarter, compared to analysts’ expectations of $139.46 million. During the same quarter in the prior year, the business earned ($0.73) EPS. The business’s quarterly revenue was down 2.5% on a year-over-year basis. Analysts forecast that Madison Square Garden Entertainment Corp. will post 1.58 earnings per share for the current fiscal 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 firm’s stock in a transaction that occurred 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 sale, the executive vice president now owns 12,192 shares in the company, valued at approximately $517,306.56. This trade represents a 32.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 17.85% of the company’s stock.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MSGE. Quent Capital LLC raised its stake in Madison Square Garden Entertainment by 913.8% during the 3rd quarter. Quent Capital LLC now owns 659 shares of the company’s stock worth $28,000 after acquiring an additional 594 shares during the period. DekaBank Deutsche Girozentrale raised its stake in Madison Square Garden Entertainment by 101.6% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock worth $207,000 after acquiring an additional 2,639 shares during the period. ArrowMark Colorado Holdings LLC bought a new stake in Madison Square Garden Entertainment during the 3rd quarter worth approximately $219,000. Captrust Financial Advisors bought a new stake in Madison Square Garden Entertainment during the 3rd quarter worth approximately $227,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Madison Square Garden Entertainment during the 3rd quarter worth approximately $242,000. Institutional investors own 96.86% of the company’s stock.

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.