MSG Entertainment (NYSE:MSGE) Reaches New 52-Week Low - Here's What Happened

MSG Entertainment (NYSE:MSGE - Get Free Report)'s share price reached a new 52-week low on Friday . The stock traded as low as $29.88 and last traded at $29.79, with a volume of 29483 shares traded. The stock had previously closed at $31.35.

Analyst Upgrades and Downgrades

MSGE has been the subject of several research analyst reports. Wolfe Research raised MSG Entertainment from a "peer perform" rating to an "outperform" rating and set a $46.00 price objective for the company in a research note on Tuesday, March 11th. Macquarie reiterated an "outperform" rating and set a $45.00 price target on shares of MSG Entertainment in a research report on Monday, February 10th.

MSG Entertainment Trading Up 11.4 %

The stock's 50 day simple moving average is $34.12 and its 200 day simple moving average is $36.68. The firm has a market cap of $1.32 billion, a PE ratio of 12.24, a PEG ratio of 5.09 and a beta of 0.22. The company has a debt-to-equity ratio of 56.61, a quick ratio of 0.54 and a current ratio of 0.54.

MSG Entertainment (NYSE:MSGE - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The company reported $1.56 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.16 by ($0.60). MSG Entertainment had a net margin of 13.15% and a negative return on equity of 323.63%. On average, sell-side analysts forecast that MSG Entertainment will post 1.04 earnings per share for the current fiscal year.

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Insider Activity at MSG Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of MSG Entertainment stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.96, for a total value of $2,078,747.28. Following the sale, the insider now owns 6,015 shares in the company, valued at $186,224.40. The trade was a 91.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 17.85% of the stock is owned by company insiders.

Institutional Investors Weigh In On MSG Entertainment

Several institutional investors and hedge funds have recently modified their holdings of the stock. Ariel Investments LLC increased its position in shares of MSG Entertainment by 14.5% during the fourth quarter. Ariel Investments LLC now owns 7,604,543 shares of the company's stock valued at $270,722,000 after buying an additional 964,657 shares during the period. Norges Bank purchased a new position in shares of MSG Entertainment during the 4th quarter worth approximately $13,454,000. Jericho Capital Asset Management L.P. grew its holdings in shares of MSG Entertainment by 10.9% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 2,733,724 shares of the company's stock worth $97,321,000 after acquiring an additional 268,000 shares during the period. Alliancebernstein L.P. raised its position in shares of MSG Entertainment by 81.7% in the 4th quarter. Alliancebernstein L.P. now owns 413,042 shares of the company's stock worth $14,704,000 after acquiring an additional 185,670 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of MSG Entertainment by 108.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 350,829 shares of the company's stock valued at $12,490,000 after purchasing an additional 182,478 shares during the period. 96.86% of the stock is owned by hedge funds and other institutional investors.

About MSG Entertainment

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.