Madison Square Garden Entertainment (NYSE:MSGE) Releases Earnings Results, Beats Expectations By $0.39 EPS

Madison Square Garden Entertainment (NYSE:MSGE) announced its earnings results on Friday. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.39, Briefing.com reports. 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 $138.70 million for the quarter, compared to analyst estimates of $139.46 million. During the same quarter last year, the firm earned ($0.73) EPS. Madison Square Garden Entertainment’s revenue for the quarter was down 2.5% compared to the same quarter last year.

Madison Square Garden Entertainment Trading Down 0.9 %

MSGE traded down $0.36 during trading on Monday, reaching $38.79. 748,514 shares of the company’s stock were exchanged, compared to its average volume of 398,870. Madison Square Garden Entertainment has a one year low of $28.54 and a one year high of $44.14. The stock has a market capitalization of $1.61 billion, a PE ratio of 10.60, a price-to-earnings-growth ratio of 3.39 and a beta of 0.17. The firm has a fifty day moving average price of $41.65 and a two-hundred day moving average price of $38.67.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the business’s 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 sale, the executive vice president now directly owns 12,192 shares of the company’s stock, valued at $517,306.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 18.72% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Morgan Stanley lowered 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. The Goldman Sachs Group upgraded Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $41.00 to $45.00 in a research note on Wednesday, July 24th. Macquarie cut their price target on Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating for the company in a report on Monday. Finally, Bank of America increased their price objective on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, August 19th.

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.