Madison Square Garden Entertainment (NYSE:MSGE) Stock Price Down 8.1% – Here’s Why

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s stock price fell 8.1% on Friday . The company traded as low as $38.73 and last traded at $39.61. 99,760 shares were traded during mid-day trading, a decline of 75% from the average session volume of 394,280 shares. The stock had previously closed at $43.08.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. The Goldman Sachs Group raised Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and increased their price objective for the company from $41.00 to $45.00 in a report on Wednesday, July 24th. Morgan Stanley raised their price target 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. Bank of America boosted their price objective on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Finally, Macquarie raised their target price on Madison Square Garden Entertainment from $46.00 to $47.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Madison Square Garden Entertainment presently has a consensus rating of “Moderate Buy” and an average price target of $44.20.

Madison Square Garden Entertainment Stock Down 8.5 %

The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 12.96, a P/E/G ratio of 3.51 and a beta of 0.17. The business has a 50-day moving average of $41.72 and a two-hundred day moving average of $38.68.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Friday, August 16th. The company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $1.97. The business had revenue of $186.10 million for 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% on a year-over-year basis. During the same period in the previous year, the business posted ($0.47) earnings per share. Equities analysts predict that Madison Square Garden Entertainment Corp. will post 1.66 EPS for the current fiscal year.

Insider Buying and Selling at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 12,192 shares of the company’s stock, valued at $517,306.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 18.72% of the company’s stock.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in Madison Square Garden Entertainment by 16.4% in the third quarter. Victory Capital Management Inc. now owns 17,503 shares of the company’s stock valued at $744,000 after acquiring an additional 2,461 shares during the last quarter. Versor Investments LP acquired a new position in shares of Madison Square Garden Entertainment in the 3rd quarter valued at $396,000. Principal Financial Group Inc. bought a new position in shares of Madison Square Garden Entertainment in the 3rd quarter worth $788,000. Radnor Capital Management LLC acquired a new stake in shares of Madison Square Garden Entertainment during the third quarter worth $1,005,000. Finally, Cannon Global Investment Management LLC acquired a new position in Madison Square Garden Entertainment in the third quarter valued at about $259,000. 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.