Insider Buying: Madison Square Garden Entertainment Corp. (NYSE: MSGE) SVP buys 600 shares
Madison Square Garden Entertainment Corp. (NYSE:MSGE – Get Rating) SVP Philip Gerard D’ambrosio purchased 600 shares of the company in a trade dated Thursday, September 22. The shares were acquired at an average price of $49.22 per share, with a total value of $29,532.00. Following the purchase, the senior vice president now directly owns 10,126 shares of the company, valued at $498,401.72. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available via this link.
Madison Square Garden Entertainment Fare Performance
NYSE: MSGE traded down $2.27 midday on Monday, hitting $47.18. 165,552 shares of the company were traded, with an average volume of 214,187. The share’s fifty-day moving average price is $57.87 and its 200-day moving average price is $64.33. The company has a debt ratio of 0.85, a quick ratio of 1.27 and a current ratio of 1.27. Madison Square Garden Entertainment Corp. has a one-year low of $47.17 and a one-year high of $85.60.
Madison Square Garden Entertainment (NYSE:MSGE – Get Rating) last released its results on Friday, August 19. The company reported ($1.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($1.54). Madison Square Garden Entertainment posted a negative return on equity of 7.66% and a negative net margin of 11.71%. The company posted revenue of $453.54 million in the quarter, compared to $409.06 million expected by analysts. Analysts predict Madison Square Garden Entertainment Corp. will show earnings per share of -0.95 for the current year.
Madison Square Garden Entertainment Institutional Trade
Institutional investors and hedge funds have recently changed their holdings in the company. MBM Wealth Consultants LLC bought a new position in Madison Square Garden Entertainment in Q1 worth approximately $28,000. Point72 Hong Kong Ltd bought a new position in shares of Madison Square Garden Entertainment during the first quarter for a value of $62,000. Eagle Bay Advisors LLC purchased a new position in Madison Square Garden Entertainment during the second quarter at a value of $41,000. US Bancorp DE increased its stake in Madison Square Garden Entertainment to 94.5% in the second quarter. US Bancorp DE now owns 1,299 shares of the company worth $68,000 after buying 631 additional shares in the last quarter. Finally, WASHINGTON TRUST Co purchased a new equity stake in Madison Square Garden Entertainment in the first quarter worth approximately $125,000. 73.58% of the shares are currently held by institutional investors.
Analysts set new price targets
Several equity analysts have published reports on MSGE shares. Guggenheim lowered its price target on Madison Square Garden Entertainment stock from $96.00 to $85.00 and set a “buy” rating on the stock in a Tuesday, Aug. 23 research note. Morgan Stanley cut its price target on Madison Square Garden Entertainment from $65.00 to $63.00 and set an “underweight” rating for the company in a Wednesday, June 15 report. Finally, Wolfe Research lowered its price target on Madison Square Garden Entertainment from $88.00 to $73.00 and set a “peer performance” rating on the stock in a Thursday, June 2 research report. . One equity research analyst has assigned the stock a sell rating, two have assigned a hold rating and two have assigned the company’s stock a buy rating. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $83.00.
About Madison Square Garden Entertainment
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Madison Square Garden Entertainment Corp. is active in the entertainment sector. It produces, presents or hosts various live entertainment events, including concerts, family shows and special events, as well as sporting events, such as professional boxing, college basketball and hockey, horse riding professional bullfighting, mixed martial arts, electronic sports and wrestling. in its venues, including The Garden, Hulu Theatre, Radio City Music Hall and Beacon Theater in New York; and the Chicago Theater.
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