Madison Square Garden Entertainment Corp. (NYSE:MSGE) Short Interest Down 21.0% in November

by · The Markets Daily

Madison Square Garden Entertainment Corp. (NYSE:MSGE – Get Free Report) saw a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 1,090,000 shares, a decrease of 21.0% from the October 31st total of 1,380,000 shares. Approximately 2.7% of the company’s stock are short sold. Based on an average daily volume of 329,700 shares, the short-interest ratio is currently 3.3 days.

Analyst Ratings Changes

MSGE has been the subject of a number of research reports. Bank of America lifted their price objective on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Macquarie lowered their price target on Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. Guggenheim cut their price objective on shares of Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Finally, Morgan Stanley decreased their target price on shares of Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, November 11th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Madison Square Garden Entertainment has an average rating of “Moderate Buy” and an average target price of $46.00.

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Insider Activity

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 on Monday, September 30th. The shares were sold at an average price of $42.43, for a total transaction of $254,580.00. Following the completion of the sale, the executive vice president now owns 12,192 shares of the company’s stock, valued at $517,306.56. This trade represents a 32.98 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 17.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several large investors have recently made changes to their positions in MSGE. Geode Capital Management LLC boosted its holdings in Madison Square Garden Entertainment by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 938,463 shares of the company’s stock valued at $39,921,000 after purchasing an additional 24,772 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Madison Square Garden Entertainment by 1,425.2% during the third quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock valued at $38,261,000 after buying an additional 840,631 shares during the last quarter. State Street Corp lifted its stake in shares of Madison Square Garden Entertainment by 0.4% in the third quarter. State Street Corp now owns 896,795 shares of the company’s stock valued at $38,141,000 after buying an additional 3,463 shares during the period. Systematic Financial Management LP raised its holdings in Madison Square Garden Entertainment by 5.3% in the 3rd quarter. Systematic Financial Management LP now owns 891,493 shares of the company’s stock valued at $37,915,000 after acquiring an additional 45,261 shares in the last quarter. Finally, Duquesne Family Office LLC lifted its position in shares of Madison Square Garden Entertainment by 8.5% in the 2nd quarter. Duquesne Family Office LLC now owns 694,225 shares of the company’s stock worth $23,763,000 after acquiring an additional 54,425 shares during the period. Institutional investors and hedge funds own 96.86% of the company’s stock.

Madison Square Garden Entertainment Price Performance

Shares of MSGE stock traded up $0.35 during trading on Friday, reaching $36.99. The company had a trading volume of 533,237 shares, compared to its average volume of 402,404. The company has a market capitalization of $1.78 billion, a PE ratio of 10.11, a PEG ratio of 3.34 and a beta of 0.17. The firm’s 50 day simple moving average is $40.43 and its two-hundred day simple moving average is $38.44. Madison Square Garden Entertainment has a one year low of $29.71 and a one year high of $44.14.

Madison Square Garden Entertainment (NYSE:MSGE – Get Free Report) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.39. The company had revenue of $138.70 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.73) earnings per share. Analysts forecast that Madison Square Garden Entertainment will post 1.58 earnings per share for the current year.

Madison Square Garden Entertainment Company Profile

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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.

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