Madison Square Garden Entertainment (NYSE:MSGE) Stock Price Down 8.1% - What's Next?

Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report)'s stock price traded down 8.1% on Friday . The stock traded as low as $38.73 and last traded at $39.61. 99,760 shares traded hands 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.

Wall Street Analyst Weigh In

MSGE has been the topic of a number of analyst reports. Bank of America raised 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 report on Monday, August 19th. 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 note on Monday, August 19th. Macquarie upped their price objective on Madison Square Garden Entertainment from $46.00 to $47.00 and gave the stock an "outperform" rating in a research report on Thursday, August 22nd. Finally, The Goldman Sachs Group upgraded 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.

Madison Square Garden Entertainment Stock Down 9.1 %

The stock has a market capitalization of $1.63 billion, a PE ratio of 12.79, a PEG ratio of 3.75 and a beta of 0.17. The business's 50-day moving average is $41.65 and its two-hundred day moving average is $38.69.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last announced its earnings results on Friday, November 8th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.78) by $0.38. The firm had revenue of $138.70 million during the quarter, compared to analysts' expectations of $139.46 million. Madison Square Garden Entertainment had a negative return on equity of 138.81% and a net margin of 15.04%. The business's revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.73) EPS. As a group, analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.66 EPS for the current year.

Insider Transactions at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D'ambrosio sold 6,000 shares of the company's 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 sale, the executive vice president now directly owns 12,192 shares of the company's stock, valued at approximately $517,306.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 18.72% of the company's stock.

Institutional Inflows and Outflows

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