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

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

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

Analyst Ratings Changes

Several analysts have recently commented on the stock. Susquehanna began coverage on shares of Madison Square Garden Sports in a research report on Monday, April 28th. They issued a “positive” rating and a $254.00 price target on the stock. Macquarie upped their target price on Madison Square Garden Sports from $240.00 to $250.00 and gave the company an “outperform” rating in a research note on Tuesday, February 25th.

Insider Buying and Selling

In related news, insider F. Dolan 2009 Revocabl Charles sold 31,825 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $189.92, for a total transaction of $6,044,204.00. Following the sale, the insider now owns 5,097 shares in the company, valued at approximately $968,022.24. This trade represents a 86.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 22.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. increased its stake in Madison Square Garden Sports by 1,854.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 498,607 shares of the company’s stock valued at $112,526,000 after purchasing an additional 473,090 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Madison Square Garden Sports by 523.2% in the 1st quarter. Victory Capital Management Inc. now owns 347,800 shares of the company’s stock valued at $67,724,000 after buying an additional 291,989 shares during the period. Norges Bank acquired a new position in shares of Madison Square Garden Sports during the 4th quarter valued at about $54,052,000. GAMMA Investing LLC lifted its holdings in shares of Madison Square Garden Sports by 14,886.7% during the 1st quarter. GAMMA Investing LLC now owns 137,278 shares of the company’s stock worth $26,731,000 after acquiring an additional 136,362 shares during the period. Finally, Empirical Asset Management LLC acquired a new stake in shares of Madison Square Garden Sports in the fourth quarter worth approximately $26,120,000. Hedge funds and other institutional investors own 68.94% of the company’s stock.

Madison Square Garden Sports Stock Down 2.6 %

The business’s fifty day moving average is $192.36 and its 200-day moving average is $210.72. The stock has a market capitalization of $4.51 billion, a PE ratio of 79.24 and a beta of 0.81.

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.