Madison Square Garden Entertainment (NYSE:MSGE) Hits New 1-Year High - Here's What Happened

Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $43.82 and last traded at $43.17, with a volume of 154524 shares traded. The stock had previously closed at $41.57.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MSGE. Macquarie raised their price target 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. The Goldman Sachs Group upgraded Madison Square Garden Entertainment from a "neutral" rating to a "buy" rating and raised their price target for the stock from $41.00 to $45.00 in a research report on Wednesday, July 24th. Bank of America raised their price target on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the stock a "buy" rating in a research report on Monday, August 19th. Finally, Morgan Stanley raised their price target on Madison Square Garden Entertainment from $42.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Monday, August 19th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $44.20.

Madison Square Garden Entertainment Stock Up 2.6 %

The stock has a market capitalization of $1.76 billion, a PE ratio of 35.23, a price-to-earnings-growth ratio of 3.64 and a beta of 0.13. The stock has a fifty day moving average of $40.32 and a 200-day moving average of $38.15.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last released its earnings results on Friday, August 16th. The company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.56) by $1.97. The firm had revenue of $186.10 million during the quarter, compared to analyst estimates of $173.26 million. Madison Square Garden Entertainment had a negative return on equity of 138.81% and a net margin of 15.04%. Madison Square Garden Entertainment's revenue was up 25.8% compared to the same quarter last year. During the same period last year, the business posted ($0.47) earnings per share. Equities research analysts expect that Madison Square Garden Entertainment Corp. will post 1.64 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 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 of the company's stock, valued at approximately $517,306.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 18.72% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MSGE. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Madison Square Garden Entertainment during the 1st quarter worth about $23,032,000. Long Pond Capital LP purchased a new stake in shares of Madison Square Garden Entertainment in the 2nd quarter valued at about $12,407,000. Epoch Investment Partners Inc. purchased a new stake in shares of Madison Square Garden Entertainment in the 1st quarter valued at about $13,076,000. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Madison Square Garden Entertainment by 4,353.1% in 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. Finally, Federated Hermes Inc. lifted its holdings in shares of Madison Square Garden Entertainment by 48.6% in the 2nd quarter. Federated Hermes Inc. now owns 569,884 shares of the company's stock valued at $19,507,000 after purchasing an additional 186,475 shares during the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.

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.