Madison Square Garden Entertainment (NYSE:MSGE) Shares Down 8.1% – Time to Sell?

Madison Square Garden Entertainment Corp. (NYSE:MSGE) shares fell 8.1% during mid-day trading on Friday . The company traded as low as $38.73 and last traded at $39.61. 99,760 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 394,280 shares. The stock had previously closed at $43.08.

Wall Street Analysts Forecast Growth

MSGE has been the topic of a number of recent analyst reports. Macquarie boosted their price target on shares of 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 raised Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $41.00 to $45.00 in a report on Wednesday, July 24th. Bank of America increased their price target on 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. Finally, Morgan Stanley boosted their price objective on Madison Square Garden Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $44.20.

Madison Square Garden Entertainment Stock Down 8.5 %

The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 12.96, a price-to-earnings-growth ratio of 3.51 and a beta of 0.17. The company’s 50-day simple moving average is $41.72 and its 200-day simple moving average is $38.68.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Friday, August 16th. The company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $1.97. Madison Square Garden Entertainment had a negative return on equity of 138.81% and a net margin of 15.04%. The business had revenue of $186.10 million for the quarter, compared to analysts’ expectations of $173.26 million. During the same period in the previous year, the firm posted ($0.47) EPS. The company’s quarterly revenue was up 25.8% on a year-over-year basis. As a group, analysts expect that Madison Square Garden Entertainment Corp. will post 1.66 EPS for the current fiscal year.

Insider Buying and Selling at Madison Square Garden Entertainment

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 that occurred 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 transaction, the executive vice president now directly owns 12,192 shares in the company, valued at approximately $517,306.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 18.72% of the company’s stock.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of large investors have recently made changes to their positions in MSGE. Quent Capital LLC increased its position in Madison Square Garden Entertainment by 913.8% in the 3rd quarter. Quent Capital LLC now owns 659 shares of the company’s stock worth $28,000 after purchasing an additional 594 shares during the last quarter. Garner Asset Management Corp acquired a new position in Madison Square Garden Entertainment in the first quarter worth approximately $573,000. DekaBank Deutsche Girozentrale raised its position in Madison Square Garden Entertainment by 101.6% during the first quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock valued at $207,000 after acquiring an additional 2,639 shares in the last quarter. Cannon Global Investment Management LLC acquired a new stake in Madison Square Garden Entertainment in the third quarter valued at approximately $259,000. Finally, ProShare Advisors LLC grew its position in Madison Square Garden Entertainment by 8.5% in the first quarter. ProShare Advisors LLC now owns 7,143 shares of the company’s stock worth $280,000 after acquiring an additional 561 shares in the last quarter. Institutional investors and hedge funds 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.