Madison Square Garden Entertainment (NYSE:MSGE) Shares Gap Down - Here's Why

Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) shares gapped down prior to trading 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 traded.

Analyst Ratings Changes

MSGE has been the topic of a number of research reports. Morgan Stanley lowered their price target on Madison Square Garden Entertainment from $45.00 to $44.00 and set an "equal weight" rating on the stock in a report on Monday, November 11th. Guggenheim lowered their target price on Madison Square Garden Entertainment from $49.00 to $48.00 and set a "buy" rating on the stock in a report on Tuesday, November 12th. The Goldman Sachs Group upgraded Madison Square Garden Entertainment from a "neutral" rating to a "buy" rating and increased their target price for the company from $41.00 to $45.00 in a report on Wednesday, July 24th. Macquarie lowered their target price on Madison Square Garden Entertainment from $47.00 to $45.00 and set an "outperform" rating on the stock in a report on Monday, November 11th. Finally, Bank of America increased their target price on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a "buy" rating in a report on Monday, August 19th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Madison Square Garden Entertainment currently has a consensus rating of "Moderate Buy" and an average price target of $46.00.

Madison Square Garden Entertainment Stock Down 1.0 %

The firm has a 50 day moving average price of $41.21 and a two-hundred day moving average price of $38.56. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of 9.84, a P/E/G ratio of 3.32 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.40) EPS for the quarter, topping analysts' consensus estimates of ($0.79) by $0.39. The business had revenue of $138.70 million during the quarter, compared to the consensus estimate of $139.46 million. Madison Square Garden Entertainment had a negative return on equity of 261.70% and a net margin of 18.38%. The company's revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.73) earnings per share. Analysts predict that Madison Square Garden Entertainment Corp. will post 1.58 earnings per share for the current year.

Insider Buying and Selling at Madison Square Garden Entertainment

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 stock was 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 directly owns 12,192 shares in the company, valued at $517,306.56. The trade was a 32.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 made changes to their positions in the business. Marshall Wace LLP raised its holdings in shares of Madison Square Garden Entertainment by 5.8% during the second quarter. Marshall Wace LLP now owns 7,800 shares of the company's stock valued at $267,000 after buying an additional 426 shares during the last quarter. Simplicity Wealth LLC grew its position 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 purchasing an additional 482 shares in the last quarter. ProShare Advisors LLC grew its position in Madison Square Garden Entertainment by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 7,143 shares of the company's stock worth $280,000 after purchasing an additional 561 shares in the last quarter. Quent Capital LLC grew its position in Madison Square Garden Entertainment by 913.8% during the 3rd quarter. Quent Capital LLC now owns 659 shares of the company's stock worth $28,000 after purchasing an additional 594 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Madison Square Garden Entertainment by 10.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,540 shares of the company's stock valued at $292,000 after acquiring an additional 805 shares in the last quarter. Institutional investors 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.