The stock of Madison Square Garden Entertainment Corp. (NYSE:MSGE) decreased by -$0.03 on Wednesday to $33.05, down -0.08 percent. The last five days have seen an average of 947,422 shares of common stock traded. The average number of shares traded over the last 20 days was 443,171, while the average volume over the last 50 days totaled 351,154.
MSGE stock appreciated 6.66% since last month. On 09/18/23, the company’s shares reached a one-month low of $30.00. The stock touched a high of $40.81, after rallying from a low of $28.09 in 52 weeks. The price of MSGE stock has risen by 3.30%. Still, the stock price is down -19.00% from the 52-week high.
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Insider Transactions
MSGE stock investors should be aware that Madison Square Garden Entertainment Corp. (MSGE) stock had its last reported insider trading activity 85 days ago on Jun 27. On Jun 27, Member of 13(d) Group DOLAN THOMAS CHARLES acquired 322,580 shares at $31.00 each. This transaction resulted in the insider spending $9,999,980. On Jun 27, Sphere Entertainment Co. sold 6,877,553 shares at a price of US$29.76. After the transaction, the insider now owns 10,143,938 shares. Director Thomas Isiah III had earlier sold 931 shares on Mar 09 for $58.48 a share. The transaction was completed for $54,445.
Valuation Metrics
Madison Square Garden Entertainment Corp. (MSGE) has a trailing price-to-earnings (P/E) ratio of 22.30. There are also a few other valuation ratios worth considering, including the trailing price-to-sales (P/S) ratio of 1.99, and the price-to-cash flow ratio of 14.09.
Financial Health
For the three months ended June 29, Madison Square Garden Entertainment Corp.’s quick ratio was 0.50, while its current ratio was 0.50, indicating its inability to pay off its debt. As far as profitability goes, gross margin for the trailing twelve months is 41.30% percent. Madison Square Garden Entertainment Corp.’s operating margin stood at 12.30% for the same period. Based on annual data, it had gross profit of $351.57 million and revenue of $851.5 million.
Investors will also look at the performance of the company’s management in order to determine the potential profitability of their investment. There was a 17.90% return on investment (ROI) in the past year.
Earnings Surprise
According to Madison Square Garden Entertainment Corp.’s quarterly financial report for the quarter that ended June 29. It was predicted that Madison Square Garden Entertainment Corp.’s quarterly earnings would be -$0.47, but it ended up being -$0.59, beating the consensus by 20.30%. At the end of Madison Square Garden Entertainment Corp.’s most recent quarter ended June 29, its total debt was $902.92 million. Equity owned by shareholders amounts to $51.05 million.
Technical Picture
Here’s a quick look at Madison Square Garden Entertainment Corp.’s (MSGE) price momentum from a technical perspective. As of 19 September, the RSI 9-day stood at 58.91%, suggesting the stock is Neutral, with a 20.20% historical volatility rate.
The stochastic %K and %D were 68.88% and 71.19% respectively, while the average true range (ATR) was 1.24. Based on the 14-day stochastic reading of 72.82%, the RSI (14) reading is 54.57%. On the 9-day MACD Oscillator, the stock is at 0.12, and the 14-day reading is at 0.35.
Analyst Ratings
In its analyst report released on August 22, 2023, BofA Securities began covering Madison Square Garden Entertainment Corp. (NYSE: MSGE). The stock was rated as a Buy by the brokerage firm. Analysts have assigned Madison Square Garden Entertainment Corp. (MSGE) an Overweight rating. MSGE is a stock that is recommended for selling by 0 brokerage firms, while 4 companies recommend holding. The stock is underweighted by 0 analysts. Among the analysts who rate the stock, 0 rates it overweight and 3 others recommend it as a buy.
What is MSGE’s price target for the next 12 months?
The current consensus forecast for the stock is between $36.00 and $43.00, with a median target price of $41.00. In analyzing these forecasts, the average price target given by analysts for Madison Square Garden Entertainment Corp. (MSGE) is $40.33.
