Madison Square Garden Sports (NYSE:MSGS) Stock Price Down 3.7% After Earnings Miss

Madison Square Garden Sports Corp. (NYSE:MSGS) traded down 3.7% during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $209.21 and last traded at $210.16. 35,750 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 81,153 shares. The stock had previously closed at $218.23.

The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.25). Madison Square Garden Sports had a net margin of 6.75% and a negative return on equity of 23.81%. The business had revenue of $357.80 million for the quarter, compared to analyst estimates of $352.68 million. During the same period last year, the firm earned $0.59 earnings per share. The company’s quarterly revenue was up 9.5% on a year-over-year basis.

Analysts Set New Price Targets

Separately, Macquarie boosted their price objective on shares of Madison Square Garden Sports from $235.00 to $240.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th.

Institutional Investors Weigh In On Madison Square Garden Sports

A number of hedge funds have recently bought and sold shares of MSGS. Smartleaf Asset Management LLC boosted its stake in shares of Madison Square Garden Sports by 423.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 272 shares of the company’s stock valued at $62,000 after buying an additional 220 shares during the last quarter. Levin Capital Strategies L.P. raised its holdings in Madison Square Garden Sports by 118.5% in the fourth quarter. Levin Capital Strategies L.P. now owns 3,039 shares of the company’s stock valued at $686,000 after acquiring an additional 1,648 shares in the last quarter. Proficio Capital Partners LLC bought a new position in Madison Square Garden Sports during the 4th quarter valued at $3,413,000. IFP Advisors Inc grew its holdings in Madison Square Garden Sports by 134.8% during the 4th quarter. IFP Advisors Inc now owns 540 shares of the company’s stock worth $122,000 after acquiring an additional 310 shares in the last quarter. Finally, First Bank & Trust bought a new stake in shares of Madison Square Garden Sports in the 4th quarter worth about $205,000. Institutional investors and hedge funds own 68.94% of the company’s stock.

Madison Square Garden Sports Stock Performance

The business’s 50 day moving average price is $222.97 and its 200-day moving average price is $214.96. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of 71.73 and a beta of 0.91.

About Madison Square Garden Sports

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.