Madison Square Garden Entertainment (NYSE:MSGE) Shares Down 8.1% – What’s Next?

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

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. The Goldman Sachs Group upgraded shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $41.00 to $45.00 in a research note on Wednesday, July 24th. Macquarie boosted their target price on shares of Madison Square Garden Entertainment from $46.00 to $47.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Morgan Stanley increased their price target on Madison Square Garden Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Finally, Bank of America lifted their price objective 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.

Madison Square Garden Entertainment Price Performance

The company has a market capitalization of $1.63 billion, a P/E ratio of 12.79, a price-to-earnings-growth ratio of 3.75 and a beta of 0.17. The firm’s 50-day moving average is $41.65 and its 200-day moving average is $38.69.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.38. Madison Square Garden Entertainment had a net margin of 15.04% and a negative return on equity of 138.81%. The firm had revenue of $138.70 million during the quarter, compared to the consensus estimate of $139.46 million. During the same quarter in the previous year, the firm posted ($0.73) EPS. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, analysts forecast that Madison Square Garden Entertainment Corp. will post 1.66 EPS for the current fiscal year.

Insider Transactions at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 18.72% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MSGE. Assenagon Asset Management S.A. boosted its stake in Madison Square Garden Entertainment by 1,425.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock worth $38,261,000 after purchasing an additional 840,631 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Madison Square Garden Entertainment in the 1st quarter valued at $23,032,000. Long Pond Capital LP purchased a new stake in Madison Square Garden Entertainment in the 2nd quarter worth $12,407,000. Epoch Investment Partners Inc. bought a new position in shares of Madison Square Garden Entertainment during the 1st quarter valued at about $13,076,000. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Madison Square Garden Entertainment by 4,353.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 284,639 shares of the company’s stock valued at $11,161,000 after purchasing an additional 278,247 shares during the last quarter. Hedge funds and other 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.