Potomac Capital Management Inc. Grows Holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

by · The Cerbat Gem

Potomac Capital Management Inc. raised its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE – Free Report) by 183.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,000 shares of the company’s stock after buying an additional 9,700 shares during the period. Potomac Capital Management Inc.’s holdings in Madison Square Garden Entertainment were worth $411,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of MSGE. Raymond James & Associates raised its stake in shares of Madison Square Garden Entertainment by 21.5% during the 1st quarter. Raymond James & Associates now owns 17,863 shares of the company’s stock worth $1,488,000 after purchasing an additional 3,156 shares during the period. American Century Companies Inc. raised its position in Madison Square Garden Entertainment by 17.8% in the first quarter. American Century Companies Inc. now owns 3,937 shares of the company’s stock worth $328,000 after acquiring an additional 595 shares during the period. HighTower Advisors LLC boosted its stake in Madison Square Garden Entertainment by 4.8% in the first quarter. HighTower Advisors LLC now owns 17,630 shares of the company’s stock valued at $1,460,000 after acquiring an additional 804 shares during the last quarter. Cetera Advisor Networks LLC purchased a new position in Madison Square Garden Entertainment in the first quarter valued at approximately $356,000. Finally, PNC Financial Services Group Inc. raised its stake in Madison Square Garden Entertainment by 58.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,895 shares of the company’s stock valued at $657,000 after acquiring an additional 2,909 shares during the period. Institutional investors own 70.02% of the company’s stock.

Madison Square Garden Entertainment Trading Up 3.0 %

Madison Square Garden Entertainment stock opened at $32.23 on Friday. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 14.79. Madison Square Garden Entertainment Corp. has a fifty-two week low of $27.55 and a fifty-two week high of $40.81. The firm’s fifty day moving average price is $30.90 and its 200-day moving average price is $32.92.

Madison Square Garden Entertainment (NYSE:MSGE – Get Free Report) last released its quarterly earnings results on Tuesday, November 7th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.50) by ($0.23). The business had revenue of $142.21 million during the quarter, compared to analysts’ expectations of $157.26 million. As a group, analysts forecast that Madison Square Garden Entertainment Corp. will post 0.6 earnings per share for the current year.

Insider Activity at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, major shareholder Entertainment Co. Sphere sold 8,221,188 shares of Madison Square Garden Entertainment stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $31.20, for a total transaction of $256,501,065.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 18.72% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

MSGE has been the topic of several research reports. Bank of America assumed coverage on shares of Madison Square Garden Entertainment in a research report on Tuesday, August 22nd. They issued a “buy” rating and a $41.00 price target on the stock. Guggenheim increased their target price on Madison Square Garden Entertainment from $41.00 to $43.00 and gave the stock a “buy” rating in a research report on Tuesday, August 22nd. JPMorgan Chase & Co. reduced their price target on Madison Square Garden Entertainment from $38.00 to $36.00 and set a “neutral” rating for the company in a research report on Wednesday, November 8th. Finally, Morgan Stanley dropped their price objective on Madison Square Garden Entertainment from $40.00 to $36.00 and set an “equal weight” rating on the stock in a report on Friday, September 1st. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $39.83.

Get Our Latest Stock Report on MSGE

Madison Square Garden Entertainment Company Profile

(Free Report)

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.

See Also

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