Madison Square Garden Entertainment shares are trading lower after the company announced a secondary offering of 5.25 million shares by selling stockholder Sphere Entertainment Group.
Portfolio Pulse from Benzinga Newsdesk
Madison Square Garden Entertainment (MSGE) shares are trading lower after the company announced a secondary offering of 5.25 million shares by selling stockholder Sphere Entertainment Group.
June 21, 2023 | 2:24 pm
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NEGATIVE IMPACT
MSGE shares are trading lower due to the announcement of a secondary offering of 5.25 million shares by Sphere Entertainment Group.
The announcement of a secondary offering by Sphere Entertainment Group has led to an increase in the supply of MSGE shares in the market. This increase in supply has put downward pressure on the stock price, causing it to trade lower in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100