Madison Square Garden Sports (NYSE:MSGS) Stock Price Down 3.8% After Earnings Miss

Madison Square Garden Sports Corp. (NYSE:MSGS)’s share price traded down 3.8% during trading on Friday following a dissappointing earnings announcement. The company traded as low as $184.63 and last traded at $185.48. 36,548 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 132,258 shares. The stock had previously closed at $192.85.

The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of $1.48 by ($2.07). The business had revenue of $424.20 million during the quarter, compared to analysts’ expectations of $436.84 million. Madison Square Garden Sports had a net margin of 5.33% and a negative return on equity of 20.50%. The business’s revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.57 EPS.

Analysts Set New Price Targets

MSGS has been the subject of several analyst reports. Susquehanna initiated coverage on Madison Square Garden Sports in a research report on Monday, April 28th. They issued a “positive” rating and a $254.00 target price for the company. Macquarie boosted their price target on Madison Square Garden Sports from $240.00 to $250.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 25th.

Insider Activity at Madison Square Garden Sports

In related news, insider F. Dolan 2009 Revocabl Charles sold 31,825 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $189.92, for a total value of $6,044,204.00. Following the completion of the transaction, the insider now owns 5,097 shares of the company’s stock, valued at approximately $968,022.24. This represents a 86.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 22.10% of the company’s stock.

Institutional Investors Weigh In On Madison Square Garden Sports

Hedge funds and other institutional investors have recently bought and sold shares of the business. Advisors Capital Management LLC grew its position in shares of Madison Square Garden Sports by 0.5% during the fourth quarter. Advisors Capital Management LLC now owns 10,606 shares of the company’s stock worth $2,394,000 after buying an additional 48 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in Madison Square Garden Sports by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 8,172 shares of the company’s stock worth $1,844,000 after acquiring an additional 50 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of Madison Square Garden Sports by 9.2% in the 4th quarter. Quadrant Capital Group LLC now owns 650 shares of the company’s stock worth $147,000 after purchasing an additional 55 shares during the last quarter. Allworth Financial LP raised its stake in shares of Madison Square Garden Sports by 81.4% in the 4th quarter. Allworth Financial LP now owns 127 shares of the company’s stock valued at $28,000 after purchasing an additional 57 shares in the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of Madison Square Garden Sports by 35.3% during the fourth quarter. Versant Capital Management Inc now owns 234 shares of the company’s stock worth $53,000 after purchasing an additional 61 shares during the last quarter. 68.94% of the stock is currently owned by hedge funds and other institutional investors.

Madison Square Garden Sports Stock Down 2.6 %

The firm has a market capitalization of $4.51 billion, a price-to-earnings ratio of 79.24 and a beta of 0.81. The stock has a 50 day moving average of $192.36 and a 200 day moving average of $210.72.

Madison Square Garden Sports Company Profile

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League.