Madison Square Garden Sports (NYSE:MSGS) Shares Down 3.7% on Disappointing Earnings

Shares of Madison Square Garden Sports Corp. (NYSE:MSGS) fell 3.7% during mid-day trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $209.21 and last traded at $210.16. 35,750 shares traded hands during 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 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.25). Madison Square Garden Sports had a negative return on equity of 23.81% and a net margin of 6.75%. The company had revenue of $357.80 million during the quarter, compared to analyst estimates of $352.68 million. During the same quarter last year, the business earned $0.59 earnings per share. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis.

Analyst Upgrades and Downgrades

Separately, Macquarie upped their target price on Madison Square Garden Sports from $235.00 to $240.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th.

Hedge Funds Weigh In On Madison Square Garden Sports

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP boosted its holdings 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 acquiring an additional 57 shares during the last quarter. Fifth Third Bancorp lifted its position in Madison Square Garden Sports by 119.0% during the fourth quarter. Fifth Third Bancorp now owns 138 shares of the company’s stock valued at $31,000 after purchasing an additional 75 shares during the period. Heck Capital Advisors LLC purchased a new stake in Madison Square Garden Sports in the fourth quarter valued at $43,000. Venturi Wealth Management LLC grew its position in Madison Square Garden Sports by 31.2% during the 3rd quarter. Venturi Wealth Management LLC now owns 223 shares of the company’s stock worth $46,000 after purchasing an additional 53 shares during the period. Finally, Versant Capital Management Inc raised its stake in shares of Madison Square Garden Sports by 35.3% during the 4th quarter. Versant Capital Management Inc now owns 234 shares of the company’s stock valued at $53,000 after buying an additional 61 shares during the last quarter. Institutional investors and hedge funds own 68.94% of the company’s stock.

Madison Square Garden Sports Trading Down 3.5 %

The firm has a market cap of $5.04 billion, a price-to-earnings ratio of 72.37 and a beta of 0.91. The company has a fifty day moving average price of $223.36 and a 200-day moving average price of $214.86.

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.