Short Interest in Madison Square Garden Entertainment Corp. (NYSE:MSGE) Grows By 28.8%

Madison Square Garden Entertainment Corp. (NYSE:MSGE) was the target of a significant growth in short interest in December. As of December 15th, there was short interest totalling 1,610,000 shares, a growth of 28.8% from the November 30th total of 1,250,000 shares. Based on an average daily volume of 370,300 shares, the short-interest ratio is presently 4.3 days. Approximately 4.0% of the shares of the company are sold short.

Insider Transactions at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the 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 sale, the executive vice president now owns 12,192 shares in the company, valued at $517,306.56. This represents a 32.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 17.85% of the company’s stock.

Institutional Trading of Madison Square Garden Entertainment

Institutional investors have recently bought and sold shares of the company. Quent Capital LLC boosted its position in shares of Madison Square Garden Entertainment by 913.8% in the 3rd quarter. Quent Capital LLC now owns 659 shares of the company’s stock worth $28,000 after buying an additional 594 shares in the last quarter. ArrowMark Colorado Holdings LLC purchased a new stake in shares of Madison Square Garden Entertainment in the third quarter valued at $219,000. Captrust Financial Advisors acquired a new stake in shares of Madison Square Garden Entertainment during the third quarter valued at $227,000. Wilmington Savings Fund Society FSB purchased a new stake in Madison Square Garden Entertainment during the 3rd quarter worth about $242,000. Finally, Cannon Global Investment Management LLC acquired a new position in Madison Square Garden Entertainment in the 3rd quarter valued at about $259,000. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE MSGE opened at $33.25 on Friday. Madison Square Garden Entertainment has a one year low of $30.10 and a one year high of $44.14. The company’s fifty day moving average is $37.56 and its two-hundred day moving average is $38.35. The firm has a market capitalization of $1.60 billion, a P/E ratio of 9.08, a PEG ratio of 3.13 and a beta of -0.04.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.39. The business had revenue of $138.70 million for the quarter, compared to analyst estimates of $139.46 million. Madison Square Garden Entertainment had a negative return on equity of 261.70% and a net margin of 18.38%. The company’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.73) EPS. On average, sell-side analysts forecast that Madison Square Garden Entertainment will post 1.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MSGE shares. Morgan Stanley dropped 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, November 11th. Macquarie decreased 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, November 11th. Finally, Guggenheim dropped their price objective on shares of Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.00.

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.