Morgan Stanley Issues Pessimistic Forecast for Madison Square Garden Entertainment (NYSE:MSGE) Stock Price

Madison Square Garden Entertainment (NYSE:MSGE) had its price target lowered by Morgan Stanley from $45.00 to $44.00 in a research note released on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other equities analysts also 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 raised their target price for the company from $41.00 to $45.00 in a research note on Wednesday, July 24th. Bank of America raised their price target 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. Finally, Macquarie raised their price target 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. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.00.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE MSGE opened at $36.75 on Monday. Madison Square Garden Entertainment has a fifty-two week low of $29.06 and a fifty-two week high of $44.14. The company has a 50 day simple moving average of $41.53 and a two-hundred day simple moving average of $38.66. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 10.19, a P/E/G ratio of 3.82 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its earnings results on Friday, November 8th. The company reported ($0.40) earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $139.46 million. During the same quarter last year, the firm earned ($0.73) earnings per share. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, analysts forecast that Madison Square Garden Entertainment will post 1.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 that occurred 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 completion of the sale, the executive vice president now owns 12,192 shares of the company’s stock, valued at approximately $517,306.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 17.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of hedge funds have recently modified their holdings of MSGE. Quent Capital LLC grew 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 acquiring an additional 594 shares during the period. DekaBank Deutsche Girozentrale boosted 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 worth $207,000 after buying an additional 2,639 shares during the period. OFI Invest Asset Management bought a new position in Madison Square Garden Entertainment in the 2nd quarter worth $251,000. Cannon Global Investment Management LLC bought a new position in Madison Square Garden Entertainment in the 3rd quarter worth $259,000. Finally, Marshall Wace LLP boosted its holdings in Madison Square Garden Entertainment by 5.8% in the 2nd quarter. Marshall Wace LLP now owns 7,800 shares of the company’s stock worth $267,000 after buying an additional 426 shares during the period. 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.