Short Interest in Madison Square Garden Entertainment Corp. (NYSE:MSGE) Declines By 21.0%

Madison Square Garden Entertainment Corp. (NYSE:MSGE) was the recipient of a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 1,090,000 shares, a drop of 21.0% from the October 31st total of 1,380,000 shares. Based on an average daily volume of 329,700 shares, the short-interest ratio is presently 3.3 days. Currently, 2.7% of the company’s stock are short sold.

Analyst Ratings Changes

A number of research firms have recently commented on MSGE. Guggenheim dropped their price objective on Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Morgan Stanley dropped 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 note on Monday, November 11th. Bank of America boosted their price objective on shares of 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. Finally, Macquarie dropped their target price on shares of Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating on the stock in a research 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’s stock. According to MarketBeat.com, Madison Square Garden Entertainment has an average rating of “Moderate Buy” and a consensus target price of $46.00.

Insider Activity at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 12,192 shares in the company, valued at approximately $517,306.56. The trade was a 32.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 17.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Hedge funds have recently made changes to their positions in the business. Quent Capital LLC grew its position in Madison Square Garden Entertainment by 913.8% in the 3rd quarter. Quent Capital LLC now owns 659 shares of the company’s stock valued at $28,000 after buying an additional 594 shares during the last quarter. DekaBank Deutsche Girozentrale boosted 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 acquiring an additional 2,639 shares in the last quarter. ArrowMark Colorado Holdings LLC acquired a new position in shares of Madison Square Garden Entertainment during the third quarter worth about $219,000. Captrust Financial Advisors purchased a new position in Madison Square Garden Entertainment during the third quarter worth about $227,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Madison Square Garden Entertainment in the third quarter valued at about $242,000. Institutional investors and hedge funds own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Up 1.0 %

MSGE traded up $0.35 during trading on Friday, hitting $36.99. 533,237 shares of the stock were exchanged, compared to its average volume of 443,391. Madison Square Garden Entertainment has a 1-year low of $29.71 and a 1-year high of $44.14. The stock has a fifty day moving average price of $40.43 and a two-hundred day moving average price of $38.44. The firm has a market capitalization of $1.78 billion, a P/E ratio of 10.11, a PEG ratio of 3.37 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.39. The firm had revenue of $138.70 million during the quarter, compared to the consensus estimate of $139.46 million. Madison Square Garden Entertainment had a net margin of 18.38% and a negative return on equity of 261.70%. Madison Square Garden Entertainment’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.73) EPS. Analysts predict that Madison Square Garden Entertainment will post 1.58 EPS for the current year.

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.