Madison Square Garden Entertainment (NYSE:MSGE) Shares Gap Down – Time to Sell?

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) gapped down before the market opened 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.

Analysts Set New Price Targets

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

Madison Square Garden Entertainment Stock Performance

The company has a market cap of $1.73 billion, a P/E ratio of 9.94, a price-to-earnings-growth ratio of 3.32 and a beta of 0.17. The business’s fifty day moving average is $41.28 and its two-hundred day moving average is $38.59.

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

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $42.43, for a total value of $254,580.00. Following 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 32.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 17.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently modified their holdings of MSGE. Assenagon Asset Management S.A. raised its position in shares of Madison Square Garden Entertainment by 1,425.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock worth $38,261,000 after purchasing an additional 840,631 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Madison Square Garden Entertainment in the first quarter worth approximately $23,032,000. Long Pond Capital LP purchased a new stake in shares of Madison Square Garden Entertainment during the second quarter worth approximately $12,407,000. Epoch Investment Partners Inc. purchased a new position in shares of Madison Square Garden Entertainment in the first quarter worth about $13,076,000. Finally, Jacobs Levy Equity Management Inc. boosted its position 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 last quarter. Hedge funds and other institutional investors 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.