Madison Square Garden Entertainment (NYSE:MSGE) Shares Gap Down – Should You Sell?

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $36.39, but opened at $35.29. Madison Square Garden Entertainment shares last traded at $36.15, with a volume of 19,433 shares.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MSGE. 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 research report on Monday, November 11th. Macquarie decreased their price objective on Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Bank of America lifted their target price on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the stock a “buy” rating in a report on Monday, August 19th. The Goldman Sachs Group raised Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $41.00 to $45.00 in a research note on Wednesday, July 24th. Finally, Guggenheim decreased their target price on shares of Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Madison Square Garden Entertainment has an average rating of “Moderate Buy” and a consensus price target of $46.00.

Madison Square Garden Entertainment Stock Down 1.3 %

The firm has a 50 day moving average of $41.13 and a 200 day moving average of $38.53. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 9.71, a PEG ratio of 3.32 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Friday, November 8th. The company reported ($0.40) earnings per share (EPS) 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 company had revenue of $138.70 million for the quarter, compared to the consensus estimate of $139.46 million. During the same quarter in the previous year, the company earned ($0.73) EPS. Madison Square Garden Entertainment’s quarterly revenue was down 2.5% compared to the same quarter last year. Equities analysts expect that Madison Square Garden Entertainment Corp. will post 1.58 EPS for the current year.

Insider Activity

In related 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 completion of the sale, the executive vice president now owns 12,192 shares of the company’s stock, valued at approximately $517,306.56. This trade represents a 32.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 17.85% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MSGE. Marshall Wace LLP lifted its holdings in shares of Madison Square Garden Entertainment by 5.8% in the second quarter. Marshall Wace LLP now owns 7,800 shares of the company’s stock valued at $267,000 after purchasing an additional 426 shares in the last quarter. Simplicity Wealth LLC boosted its holdings in Madison Square Garden Entertainment by 0.6% during 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. ProShare Advisors LLC grew its stake in shares of Madison Square Garden Entertainment by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 7,143 shares of the company’s stock worth $280,000 after acquiring an additional 561 shares in the last quarter. Quent Capital LLC raised its holdings in shares of Madison Square Garden Entertainment by 913.8% in the third 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. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Madison Square Garden Entertainment by 10.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,540 shares of the company’s stock valued at $292,000 after purchasing an additional 805 shares in the last quarter. 96.86% of the stock is owned by 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.