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

MSG Entertainment (NYSE:MSGE - Get Free Report) reached a new 52-week low on Tuesday . The stock traded as low as $30.56 and last traded at $30.65, with a volume of 408941 shares changing hands. The stock had previously closed at $31.85.

Analyst Upgrades and Downgrades

MSGE has been the topic of a number of analyst reports. Macquarie reaffirmed an "outperform" rating and issued a $45.00 price target on shares of MSG Entertainment in a research report on Monday, February 10th. 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.

MSG Entertainment Stock Up 3.7 %

The firm has a 50 day moving average price of $35.30 and a two-hundred day moving average price of $37.85. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 12.01, a price-to-earnings-growth ratio of 5.09 and a beta of 0.11. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 56.61.

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

Remove Ads

Insider Buying and Selling at MSG Entertainment

In other MSG Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of the firm's stock in a transaction that occurred 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 transaction, the insider now directly owns 6,015 shares of the company's stock, valued at approximately $186,224.40. This trade represents a 91.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 17.85% of the company's stock.

Hedge Funds Weigh In On MSG Entertainment

A number of institutional investors have recently added to or reduced their stakes in MSGE. Exchange Traded Concepts LLC increased its position in shares of MSG Entertainment by 111.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 29,860 shares of the company's stock worth $1,063,000 after purchasing an additional 15,756 shares during the period. Bleakley Financial Group LLC raised its stake in MSG Entertainment by 16.5% during the fourth quarter. Bleakley Financial Group LLC now owns 8,320 shares of the company's stock worth $296,000 after buying an additional 1,178 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of MSG Entertainment by 8.0% during the 4th quarter. Principal Financial Group Inc. now owns 20,011 shares of the company's stock worth $712,000 after purchasing an additional 1,479 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of MSG Entertainment by 0.6% in the 4th quarter. New York State Common Retirement Fund now owns 472,232 shares of the company's stock worth $16,811,000 after purchasing an additional 2,971 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its stake in shares of MSG Entertainment by 21.1% in the fourth quarter. Handelsbanken Fonder AB now owns 9,200 shares of the company's stock worth $328,000 after purchasing an additional 1,600 shares during the last quarter. 96.86% of the stock is currently owned by institutional investors and hedge funds.

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.