Madison Square Garden Entertainment Corp. (NYSE:MSGE) Short Interest Update

Madison Square Garden Entertainment Corp. (NYSE:MSGE) saw a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 1,610,000 shares, an increase of 28.8% from the November 30th total of 1,250,000 shares. Approximately 4.0% of the company’s shares are sold short. Based on an average daily trading volume, of 370,300 shares, the days-to-cover ratio is presently 4.3 days.

Madison Square Garden Entertainment Price Performance

MSGE stock opened at $33.25 on Friday. The business’s 50-day moving average is $37.56 and its two-hundred day moving average is $38.35. The firm has a market capitalization of $1.60 billion, a P/E ratio of 9.08, a P/E/G ratio of 3.13 and a beta of -0.04. Madison Square Garden Entertainment has a 1 year low of $30.10 and a 1 year high of $44.14.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Friday, November 8th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.39. Madison Square Garden Entertainment had a net margin of 18.38% and a negative return on equity of 261.70%. The firm had revenue of $138.70 million for the quarter, compared to analysts’ expectations of $139.46 million. During the same quarter last year, the company earned ($0.73) earnings per share. The firm’s revenue was down 2.5% compared to the same quarter last year. On average, analysts expect that Madison Square Garden Entertainment will post 1.58 EPS for the current year.

Analyst Upgrades and Downgrades

MSGE has been the topic of several research reports. Guggenheim decreased their target price on Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Morgan Stanley reduced their price target on shares of 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. Finally, Macquarie dropped their price objective on shares of Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating for the company in a report on Monday, November 11th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.00.

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 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 transaction, the executive vice president now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 17.85% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Institutional investors and hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. acquired a new stake in Madison Square Garden Entertainment in the third quarter valued at $788,000. FMR LLC raised its position in shares of Madison Square Garden Entertainment by 76.3% during the 3rd quarter. FMR LLC now owns 110,035 shares of the company’s stock worth $4,680,000 after acquiring an additional 47,635 shares in the last quarter. Maverick Capital Ltd. purchased a new stake in Madison Square Garden Entertainment during the second quarter worth approximately $1,494,000. Zacks Investment Management boosted its holdings in Madison Square Garden Entertainment by 15.3% in the third quarter. Zacks Investment Management now owns 111,687 shares of the company’s stock valued at $4,750,000 after purchasing an additional 14,812 shares in the last quarter. Finally, Barclays PLC increased its stake in Madison Square Garden Entertainment by 295.6% in the third quarter. Barclays PLC now owns 66,045 shares of the company’s stock valued at $2,809,000 after purchasing an additional 49,351 shares during 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.