Madison Square Garden Entertainment (NYSE:MSGE) Sets New 52-Week High at $41.58

Madison Square Garden Entertainment Corp. (NYSE:MSGE) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $41.58 and last traded at $40.84, with a volume of 330496 shares. The stock had previously closed at $39.48.

Madison Square Garden Entertainment Stock Up 2.1 %

The firm’s fifty day simple moving average is $38.65 and its 200-day simple moving average is $34.37. The company has a market cap of $1.66 billion and a PE ratio of 26.60.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Wednesday, February 7th. The company reported $2.59 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.69. Madison Square Garden Entertainment had a negative return on equity of 94.05% and a net margin of 8.03%. The company had revenue of $402.67 million during the quarter, compared to the consensus estimate of $385.92 million. During the same quarter last year, the business posted $1.95 earnings per share. Madison Square Garden Entertainment’s revenue was up 13.1% compared to the same quarter last year. On average, analysts predict that Madison Square Garden Entertainment Corp. will post 1.08 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO James Lawrence Dolan sold 28,796 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $37.71, for a total transaction of $1,085,897.16. Following the completion of the sale, the chief executive officer now directly owns 292,143 shares of the company’s stock, valued at approximately $11,016,712.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 190,080 shares of company stock valued at $7,221,633 in the last ninety days. Insiders own 18.72% of the company’s stock.

Institutional Trading of Madison Square Garden Entertainment

A number of institutional investors have recently added to or reduced their stakes in MSGE. PNC Financial Services Group Inc. boosted its stake in shares of Madison Square Garden Entertainment by 5.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,521 shares of the company’s stock valued at $271,000 after purchasing an additional 450 shares during the period. Quent Capital LLC grew its stake in shares of Madison Square Garden Entertainment by 1,838.2% during the first quarter. Quent Capital LLC now owns 659 shares of the company’s stock valued at $26,000 after acquiring an additional 625 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Madison Square Garden Entertainment by 1.8% in the fourth quarter. Russell Investments Group Ltd. now owns 49,620 shares of the company’s stock worth $1,577,000 after acquiring an additional 857 shares in the last quarter. Radnor Capital Management LLC grew its stake in Madison Square Garden Entertainment by 5.2% during the 1st quarter. Radnor Capital Management LLC now owns 22,845 shares of the company’s stock valued at $896,000 after purchasing an additional 1,125 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in Madison Square Garden Entertainment by 16.3% during the 3rd quarter. Arizona State Retirement System now owns 8,800 shares of the company’s stock worth $290,000 after purchasing an additional 1,233 shares during the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

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.