Madison Square Garden Entertainment (NYSE:MSGE) Shares Gap Down – Should You Sell?

Madison Square Garden Entertainment Corp. (NYSE:MSGE) gapped down prior to trading 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 trading hands.

Analysts Set New Price Targets

A number of brokerages have recently commented on MSGE. Bank of America boosted their price objective on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Morgan Stanley dropped their price target on Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, November 11th. Macquarie dropped their price target on shares of Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. The Goldman Sachs Group raised shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $41.00 to $45.00 in a research note on Wednesday, July 24th. Finally, Guggenheim cut their target price on shares of Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.00.

Madison Square Garden Entertainment Price Performance

The firm has a market capitalization of $1.73 billion, a PE ratio of 9.94, a price-to-earnings-growth ratio of 3.32 and a beta of 0.17. The stock has a 50-day moving average price of $41.28 and a 200-day moving average price of $38.59.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its earnings results 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 company had revenue of $138.70 million for the quarter, compared to analyst estimates of $139.46 million. Madison Square Garden Entertainment had a negative return on equity of 261.70% and a net margin of 18.38%. Madison Square Garden Entertainment’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.73) EPS. As a group, equities research analysts predict that Madison Square Garden Entertainment Corp. will post 1.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $42.43, for a total transaction of $254,580.00. Following the sale, the executive vice president now owns 12,192 shares in the company, valued at $517,306.56. This represents a 32.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 17.85% of the stock is owned by company insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Institutional investors and hedge funds have recently bought and sold shares of the business. Quent Capital LLC lifted its stake in shares of 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 acquiring an additional 594 shares during the period. Garner Asset Management Corp acquired a new position in Madison Square Garden Entertainment during the first quarter worth about $573,000. ArrowMark Colorado Holdings LLC bought a new stake in shares of Madison Square Garden Entertainment in the 3rd quarter worth approximately $219,000. DekaBank Deutsche Girozentrale increased its holdings in shares of Madison Square Garden Entertainment by 101.6% in the first quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock valued at $207,000 after buying an additional 2,639 shares in the last quarter. Finally, Captrust Financial Advisors purchased a new stake in shares of Madison Square Garden Entertainment in the third quarter valued at $227,000. 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.