Madison Square Garden Entertainment Corp. (NYSE:MSGE – Get Rating) saw a significant surge in short interest in August. As of August 31, there was short interest totaling 1,380,000 shares, an increase of 5.3% from the August 15 total of 1,310,000 shares. Based on an average daily volume of 179,000 shares, the short interest rate ratio is currently 7.7 days.
Wall Street analysts forecast growth
Several brokers have commented on MSGE. Morgan Stanley lowered its target price on Madison Square Garden Entertainment to $63.00 from $65.00 and gave the stock an underweight rating in a report Wednesday, June 15. Guggenheim lowered its price target on Madison Square Garden Entertainment to $85.00 from $96.00 and issued a research note on Tuesday, August 23, with a “buy” rating of the stock. Finally, Wolfe Research lowered its price target on Madison Square Garden Entertainment to $73.00 from $88.00 and gave the stock a rating on Thursday, March 2nd. One equities research analyst rated the stock with a sell rating, two with a hold rating. rating and two with a buy rating. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target of $83.00.
Madison Square Garden Entertainment stock performance
NYSE:MSGE shares fell $1.01 during Tuesday trading to hit $53.17. The stock had a trading volume of 3,151 shares compared to an average volume of 149,405. Madison Square Garden Entertainment has a 1 year low of $48.07 and a 1 year high of $85.60. The company has a debt to equity ratio of 0.85, a quick ratio of 1.27 and a current ratio of 1.27. The company has a 50-day moving average price of $57.97 and a 200-day moving average price of $65.00.
Madison Square Garden Entertainment (NYSE:MSGE – Get Rating) last announced its quarterly earnings data on Friday, August 19th. The company reported ($1.97) EPS for the quarter, missing analyst consensus estimates of ($0.43) by ($1.54). Madison Square Garden Entertainment had a negative return on equity of 7.66% and a negative net margin of 11.71%. The company had revenue of $453.54 million for the quarter, compared to analysts’ expectations of $409.06 million. As a group, equities analysts are forecasting that Madison Square Garden Entertainment will post -0.95 EPS for the year to date.
Hedge funds make an impact on Madison Square Garden Entertainment
A number of institutional investors recently added to or reduced their holdings in the stock. Columbia Asset Management acquired a new position in Madison Square Garden Entertainment valued at approximately $373,000 during the second quarter. ExodusPoint Capital Management LP acquired a new $1,061,000 interest in Madison Square Garden Entertainment during the second quarter. Eagle Bay Advisors LLC acquired a new $41,000 interest in Madison Square Garden Entertainment during the second quarter. Goldman Sachs Group Inc. increased its position in Madison Square Garden Entertainment by 92.6% in the second quarter. Goldman Sachs Group Inc. now owns 149,008 shares of the company’s stock valued at $7,841,000 after purchasing an additional 71,659 shares during the period. Finally, First Republic Investment Management Inc. increased its position in Madison Square Garden Entertainment by 2.9% in the second quarter. First Republic Investment Management Inc. now owns 27,912 shares of the company’s stock valued at $1,469,000 after purchasing an additional 779 shares during the period. Hedge funds and other institutional investors own 73.58% of the company’s shares.
Company Profile of Madison Square Garden Entertainment
Madison Square Garden Entertainment Corp. is in the entertainment business. It produces, presents or hosts a variety of live entertainment events, including concerts, family shows and special events, as well as sporting events such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling at its venues including The Garden, Hulu Theater, Radio City Music Hall and the Beacon Theater in New York City; and the Chicago Theater.
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