Why Madison Square Garden Entertainment Was a Rock Star Stock This Week
One of the newest entertainment stocks on the block, Madison Square Garden Entertainment (NYSE: MSGE), was also one of the best performers in the sector over the past few trading days.
As of Friday morning before market open, the company's shares had risen by almost 25% week to date, according to data compiled by S&P Global Market Intelligence. A glowing note from an analyst, solid quarterly results, and a potentially lucrative asset sale were the catalysts.
Thursday was the day MSG Entertainment unveiled its third quarter of fiscal 2023 figures. These showed that the live entertainment purveyor's revenue grew by 4% year over year to slightly over $201 million. In a dramatic flip that would be the envy of many of the performers who have graced the company's namesake venue, it posted a net income of $21.7 million against the year-ago quarter's $3.9 million loss.
Source Fool.com
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