Madison Square Garden Entertainment Corp. (NYSE:MSGE) does about 253.60K shares in volume on a normal day but saw 181776 shares change hands in Friday trading. The company now has a market cap of 2.19B USD. Its current market price is $61.46, marking an increase of 0.56% compared to the previous close of $61.12. The 52 week high reached by this stock is $84.57 whilst the lowest price level in 52 weeks is $38.98. The script in recent trading has seen the stock touch a high of $61.82 and a low of $60.405.
Madison Square Garden Entertainment Corp. (MSGE) has a 20-day trading average at $54.04 and the current price is -27.33% off the 52-week high compared with 57.67% distance from its 52-week low. The 50-day simple moving average of the closing price is $48.22 and its 200-day simple moving average is $52.98. If we look at the stock’s price movements over the week, volatility stands at 4.19%, which increases to 4.29% over 1 month. It is also key to look at other market indicators of price movement for the stock, where we see that the relative strength index (RSI) is at 75.07 to suggest the stock is overbought.
The consensus objective for the share price is $68.00, suggesting that the stock has a potential upside of 9.62% over the period.
The company shares received a number of brokerage firm price updates over the past month, with the latest being on December 15, 2022 when Morgan Stanley upgraded the stock to “Equal-Weight” and issued a price target of $50. Jefferies downgraded the stock to “Hold” from Buy on November 15, 2022 at a price target of $100-$49.
The current price level is 15.12%, 28.14%, and 15.88% away from its SMA20, SMA50, and SMA200 respectively, with the MSGE price moving above the 50-day SMA on February 17. Madison Square Garden Entertainment Corp. (MSGE) stock is up 6.33% over the week and 29.88% over the past month. Its price is 36.67% year-to-date and -23.93% over the past year.
The stock last released its quarterly earnings report for quarter ended 12/30/2022, with the company’s earnings per share (EPS) of $1.95 above consensus estimates by $0.81. MSGE’s earnings per share are forecast to grow by 64.30% this year and 151.20% over next year. Expected sales for next quarter are $447.01 million, which analysts say will come at $1.96 billion for the current fiscal year and next year at $2.42 billion. In addition, estimates put the company’s current quarterly revenue at an average of $489.62 million.
To reach the target analysts have set, the stock logically needs to grow 9.62 percent from here.
Outstanding shares total 34.40M with insiders holding 11.75% of the shares and institutional holders owning 91.88% of the company’s common stock. The company has a return on investment of -3.00% and return on equity of -9.80%. The forward price to earnings ratio is 72.14. Price to book ratio is 1.11 and price to sales ratio is 1.20.
According to a U.S. Securities and Exchange Commission filing, Ariel Fund has reduced its position in Madison Square Garden Entertainment Corp. (MSGE) to 2,240,435 shares, mirroring a recent drop by -8.77%. Ariel Fund dumped -0.22 million shares of Madison Square Garden Entertainment Corp. common stock bringing its total worth to about $117.15 million at the end of recent close, SEC documents show. Ariel Fund isn’t the only investment manager who changed stakes and is followed by T Rowe Price Mid Cap Value Fund, which added 0.22 million shares to end up with 1,164,424 shares worth $60.89 million.
